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Probability is the predictive chance that something will happen, such as the probability of heads coming up on a coin toss being 0.5.

Consequence, on the other hand, is the result of some outcome, not necessarily related in any way to probability, but it could be. For instance, you may have a coin toss at the beginning of a football game. That is based on probability. The consequence, though, is the determination of who kicks off first.

An example of non probabilistic consequence is the decision to swerve your car off of the road into a tree. The consequence of that action is that you will have a crash. Yes, its an extreme and unlikely example, but it shows that probability and consequence are two different things.

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Q: What is the difference between probability and consequence?
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