If the risk of an event goes up or down, we assume that it will keep changing in that direction. Consider a weather forecast: If the probability of rain goes from 20% to 30%, many people then think it ...

In order to get a more accurate estimate of the probability, we would need to look at a greater number of trials. Let’s imagine we have a bag containing two different types of sweet but we do not know ...

Probabilities can be written as fractions, decimals or percentages on a scale from 0 to 1. Knowing basic facts about equally likely outcomes can help to solve more complicated problems. Probability is ...

A firm grasp of probability and ongoing re-evaluation are key. Has risk management gone mainstream? One might think so given the June 13, 2011 article in the Chicago Tribune on using the game of poker ...