Probability is the likelihood that a given event will occur. It is usually expressed as a number, i.e. 0.8 or 80%.
Divide the number of events that can happen a certain way by the number of all possible events.
Its probability.
Population
The probability of that event.
consumer demand for a certain car is below the number of cars that are produced
this is probability 0 means impossible and 1 means certain
Consumer demand for a certain product or good is greater than the number of products or goods that can be produced.
Consumer demand for a certain product or good is greater than the number of products or goods that can be produced.
Number of departments affected
the number of stops N a commuter train makes on a certain day
An example: Consumer demand for a certain car is below the number of cars that are produced. There is an unsold surplus of the vehicles.
An example: Consumer demand for a certain car is below the number of cars that are produced. There is an unsold surplus of the vehicles.