What does probability express in terms of events?

Prepare for the WGU BUS3100 C723 Quantitative Analysis Exam. Study effectively with flashcards, multiple-choice questions, and detailed explanations. Ready yourself for success!

Probability is defined as the mathematical likelihood of an event occurring, which quantifies how likely it is that a specific event will take place. It ranges from 0 to 1, where 0 indicates that the event cannot occur, and 1 indicates that the event is certain to occur. This concept is fundamental in statistics and decision-making processes, as it provides a framework for understanding uncertainty and making informed predictions about future events based on available data.

The other options refer to different concepts within statistics and data analysis. Numerical data about a population relates to descriptive statistics and represents values collected from responses or observations within a defined group. The average outcome of repeated trials refers to the concept of the law of large numbers, which is connected to how empirical probabilities approach theoretical probabilities as trials increase. An absolute certainty of events suggests a 100% likelihood, which does not align with the broader definition of probability that accommodates varying levels of certainty and uncertainty.

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