In probability theory, the basic elements are a set of elementary events, and a random variable (function) mapping the occurrence of each event in the sample space of events to the interval [0,1]. The probability that an event occurs is expressed as a real number in the interval [0,1] (inclusive). The value 0 is generally understood to represent "impossible" events, while the number 1 is understood to represent "certain" events (though there are more advanced interpretations of probability that use more precise definitions). Values between 0 and 1 quantify the probability of the occurrence of some event. In common language, these numbers are often expressed as fractions or percentages, and must be converted to real number form to perform calculations with them. For example, if two events are equally likely, such as a flipped coin landing heads-up or tails-up, we express the probability of each event as "1 in 2" or "50%" or "1/2", where the numerator of the fraction is the relative likelihood of the target event and the denominator is the total of relative likelihoods for all events. To use the probability in math we must perform the division and express it as "0.5". Another way probabilities are expressed is "odds", where the two numbers used represent the relative likelihood of the target event and the likelihood of all events other than the target event. Expressed as odds, tossing a coin will give heads odds of "1 to 1"or "1:1". To convert odds to probability, use the sum of the numbers given as the denominator of a fraction: "1:1" odds make a "1/2" probability; "3:2" odds make a "3/5" probability (or 0.6).
For an amusing probability riddle, see the Monty Hall problem.
See also random variable, Mathematics, Probability and Statistics, /Axioms, probability theory, probability applications), information theory, [Bayes' theorem]?.