ABSTRACT
Probability is arguably one of the most important quantitative tools available and is the foundation of most of the statistical techniques used in social science. This powerful tool provides the ability to quantify outcomes and base decisions on the likelihood of events. Probability is expressed as a number ranging from zero to one with one being the equivalent of a 100% chance of occurrence of the event and zero being no chance of the event occurring. The Gaussian distribution, commonly called the normal distribution, is the workhorse of statistics throughout the sciences. Binomial distribution allows managers to estimate the probability of discreet events when the process generates outcomes that are mutually exclusive and jointly exhaustive. Probability is the foundation of statistical methods, sampling, and game theory methods used in the social and physical sciences.
