• Chance, in general, refers to the likelihood or probability of something happening or occurring.
• In statistics and probability theory, chance is used to quantify uncertainty and measure the chances of different outcomes.
• It plays a crucial role in decision-making, risk assessment, and analyzing random events.
• Chance is often represented by a numerical value between 0 and 1, with 0 indicating impossibility and 1 indicating certainty.
• Understanding and calculating chances is vital in fields such as finance, insurance, gaming, and scientific research.
• Various mathematical models and techniques, such as probability distributions and Monte Carlo simulations, help analyze chances.