Properties of Probability
Let S be a sample space consisting of n distinct outcomes, s1 ,s2 ,………sn. An acceptable probability assignment consist of assigning to each outcome si a number p1 (the probability of si) according to these rules.
a. The probability of each outcome is a number between 0 and 1.
0 ≤ p1 ≤ 1, 0 ≤ p2≤ 1 ,…….0 ≤ pn ≤ 1
b. The sum of the probabilities of all possible outcomes is 1.
p1 + p2 + p3 + ….. + pn = 1