Calculating probability requires following a simple formula and using multiplication and division to evaluate possible outcomes of events like launching new products, marketing to larger audiences or developing a new lead generation strategy. You can use the following steps to calculate probability, and this can work for many applications that fall under a probability format:
1. Determine a single event with a single outcome
2. Identify the total number of outcomes that can occur
3. Divide the number of events by the number of possible outcomes
