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There are lots of situations where you can't know an outcome for sure. Probability is used in this case, to analyze the different possibilities, and how likely each of them is.
This is just the outcome you are looking for. For example if you have 5 students who like hockey, 2 that like basketball, and 3 that like baseball. You then decide...I want to know if I draw a student's name from a hat, who would like...baseball... then... Favourable outcome / possible outcome. In this case it would be baseball/all sports. 3/10. Hope this helps.
You make an outcome by solving everything and the result that is left is referred to as the outcome!!
When the outcome consists of an event that is not the one you are looking for.
Neither. Outcome is a noun.