The probability that event A occurs given that B has occurred.
Symbols
P(A∣B)
conditional probability
P(A∩B)
probability of the intersection
P(B)
probability of the condition (>0)
Where it comes from
When we know that B has occurred, the sample space narrows to B — so we divide by P(B). It answers the question "what is the probability of A, given that B has occurred".
When to use it
Dependent events, successive draws without replacement, stochastic trees.