The probability of an outcome is the proportion of times the outcome would occur if we observed the random process an infinite number of times.
Probability is defined as a proportion, and it always takes values between 0 and 1 (inclusively). It may also be displayed as a percentage between 0% and 100%.
Probability can be illustrated by rolling a die many times. Let p̂n be the proportion of outcomes that are 1 after the first n rolls. As the number of rolls increases, p̂n will converge to the probability of rolling a 1, p = 1/6. Figure 3.1 shows this convergence for 100,000 die rolls. The tendency of p̂n to stabilize around p is described by the Law of Large Numbers.
n (number of rolls)
1 10 100 1,000 10,000 100,000
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