Assumed Knowledge

Question 1

What are the three definitions for probability of an event?

Answer 1

1) Relative probability: the ratio of an event occuring f times in n instances (f/n).
2) Theoretical probability: based on theoretical knowledge. E.g. throwing a coin or die.
3) Subjective probability: probability associated with a hunch or feeling. E.g. horse race or sports match.

Question 2

What does the probability scale range from?

Answer 2

0 to 1.

Question 3

Three measures of “average”? Explain them.

Answer 3

Mode: the element that occurs most frequently.
Median: the element dividing the distribution into 2 halves.
Mean: the sum of all values divided by the number of elements in the distribution.