Probability is a way of expressing knowledge or belief that an event will occur or has occurred. The concept has an exact mathematical meaning in probability theory, which is used extensively in such areas of study as mathematics, statistics, finance, gambling, science, Artificial intelligence/Machine learning and philosophy to draw conclusions about the likelihood of potential events and the underlying mechanics of complex systems.

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The word probability does not have a consistent direct definition. In fact, there are two broad categories of probability interpretations, whose adherents possess different (and sometimes conflicting) views about the fundamental nature of probability:
Frequentists talk about probabilities only when dealing with experiments that are random and well-defined. The probability of a random event denotes the relative frequency of occurrence of an experiment's outcome, when repeating the experiment. Frequentists consider probability to be the relative frequency "in the long run" of outcomes.
Bayesians, however, assign probabilities to any statement whatsoever, even when no random process is involved. Probability, for a Bayesian, is a way to represent an individual's degree of belief in a statement, or an objective degree of rational belief, given the evidence.


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