Probability Theory is a branch of mathematics that deals with the analysis of random phenomena. It provides a framework for quantifying uncertainty and making predictions based on incomplete information. Concepts such as random variables, probability distributions, and expected value are fundamental to understanding how likely events are to occur. In practical applications, Probability Theory is used in various fields, including finance, insurance, and science. It helps in decision-making processes by allowing individuals and organizations to assess risks and make informed choices based on statistical evidence.