For any event that has multiple outcomes with different probabilities, it can be helpful and illustrative to construct a chart or diagram of the possible outcomes. Tree diagrams are a useful example ...

Forbes contributors publish independent expert analyses and insights. Writes about the future of finance and technology, follow for more. Joint probability teaches us to calculate combined outcomes.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...