Chapter 4

Question 1

Sample space

Answer 1

the set of all possible experimental outcomes

multiply together the number of possible outcomes for each step

AKA outcome space

Question 2

Sample point

Answer 2

An experimental outcome

Question 3

Probability

Answer 3

The likelihood that something will happen

AKA relative frequency

Question 4

Probability Requirements

Answer 4

each f(x) is between 0 - 1

sum of all f(x) = 1

Question 5

Random Variable

Answer 5

A variable that takes on numerical values as the result some random experiment or measurement

Question 6

Uniform/Classical Probability

Answer 6

each experimental outcome is equally likely to occur

Question 7

Empirical/Relative Frequency Probability

Answer 7

probability is assigned based on an experimentally obtained relative frequency

Question 8

Law of Large Numbers

Answer 8

The more trials you run, the closer to the real probability your relative frequency will become

Question 9

Probability Distribution

Answer 9

describes how likely it is that the random variable assumes each particular value

Question 10

Expected Value

Answer 10

a measure of the central location of a random variable

AKA: weighted average / weighted mean / long-run average

Question 11

Variance (random variable)

Answer 11

a squared measure of the variability or dispersion of a random variable

Question 12

Standard Deviation (random variable)

Answer 12

a measure of the variability or dispersion of a random variable