Definition of probability

The word "probability" originated from the Latin word "probabilis," which meant "likely" or "probable." The term was first used in a mathematical context by the French mathematician Chester G. D'Alembert in the mid-18th century. D'Alembert, in his book "Traité de Dynamique," introduced the term "probability" to describe the likelihood of different outcomes in physical experiments. He used it to represent the relative frequency of an event's occurrence in a large series of trials. In the following century, the concept of probability was further developed by mathematicians like Pierre-Simon Laplace and Thoma Bayes. They established the mathematical theory of probability, which laid the foundation for modern statistical analysis. Today, the word "probability" is widely used in various fields such as science, engineering, finance, and technology to measure the likelihood of an event or outcome. It has come to be a crucial tool in making informed decisions and evaluating risks.