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Favourable outcomes in a series of trials are those where the outcome is what you are looking for. The word "favourable" has positive connotations in normal usage but that should not be applied here. For example, if I am studying the spread of a fatal infectious diseases, the event that would be looking for is that someone gets infected. In all likelihood, no one will consider that to be favourable in the normal sense! The probability of an event is the ratio of the favourable outcomes to the total number of trials.
They are generally agreed to be theoretical and experimental probabilities. Probability is probability. The concept may be applied to any causal event which has more than one potential outcome.
A treatment
0.25 * 0.25 = 0.0625
by throwing a coins or dice? maybe...