Question: In textbook Quantitative Analysis for Management, explain the two basic laws of probability and provide examples to illustrate your understanding of these two important concepts.

In textbook Quantitative Analysis for Management, explain the two basic laws of probability and provide examples to illustrate your understanding of these two important concepts. (I need 137 words left to complete this and please give me examples in words)

The two basic laws of the probability are: (1) The probability, P, of any event or state of nature occurring is greater than or equal to 0 and less than or equal to 1 (Render et al., 2018, p. 22). (2) The sum of the simple probabilities for all possible outcomes of an activity must equal 1 (Render et al., 2018, p. 22).

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