Chance theory is the branch of mathematics that deals with numerical representations of the probability that an event will happen or that a statement is true.
The area of mathematics known as probability deals with numerical descriptions of how likely it is for an event to happen or for a claim to be true. The probability of an event is a number between 0 and 1, where, generally speaking, 0 indicates the event's impossibility and 1 indicates its certainty.
The likelihood of an event happening is gauged by probability. Many things are impossible to completely predict in advance. Using it, we can only forecast the probability, or likelihood, of an event occurring.
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