Joint probability is a fundamental concept in the realm of probability. It refers to the chance of two or more events happening simultaneously. In simpler terms, it answers the question: what's the likelihood of both events occurring at the same time?
For example, if we want to know the probability that two people, say A and B, both tell the truth, we are essentially looking for the joint probability of A and B speaking honestly.
This typically involves multiplying the probabilities of each individual event. So, for A telling the truth and B also telling the truth, we multiply their probabilities:
- A's probability of truth: 0.60
- B's probability of truth: 0.80
Joint probability is significant in scenarios where the occurrence of one event doesn't affect the occurrence of another, known as independence.