ABSTRACT
We all are familiar with the words, possibility and probability. Though these words seem to convey similar meanings, in reality they do not. Imagine, your greatest ambition is to climb Mount Everest. But you do not know the basics of mountaineering and have not climbed even a hill before. It may still be possible for you to climb Mount Everest, if you learn mountaineering techniques and undergo strenuous training in mountaineering. But the probability of accomplishing your ambition of climbing Mount Everest is remote. Possibility is the event that can happen in life, whereas the probability is the chance of that happening. In statistical terminology, an event is collection of results or outcomes of a procedure. Probability is the basic of statistics.
