Chapter 5.1

Question 1

A value between 0 and 1, inclusive, describing the relative possibility an event will occur

Answer 1

Probability

Question 2

How to calculate probability as odds

Answer 2

x/(x+y)
an example would be the odds are 5 to 2 or 5/(5+2)

Question 3

A process that leads to the occurrence of one and only one of several possible results

Answer 3

Experiment

Question 4

Outcome

Answer 4

A result of an experiment

Question 5

A collection of one or more outcomes of an experiment

Answer 5

event

Question 6

Probability that is based on the assumption that the outcomes of and experiment are equally likely. What is the formula

Answer 6

Classical probability
Probability of event = number of favorable outcomes/number of possible outcomes

Question 7

What is the multiplication formula

Answer 7

Total arrangements = (m)(n) where m & n are total number of possibilities if events. If you toss three dice, there are 6 outcomes for each dice so the formula would be (6)(6)(6)

Question 8

When there is a single group of events and we want to determine the number of all possible arrangements of an outcome from the group.
An arrangement of r objects selected from a single group of n possible objects

Answer 8

Permutations

Question 9

What is the permutation formula

Answer 9

nPr = n!/(n-r)!

Question 10

An event of outcomes when the order of the outcomes does not matter

Answer 10

Combination

Question 11

What is the combination formula

Answer 11

nCr = n!/r!(n-r)!

Question 12

The probability of an event based on a collection of observations or data. State the term and formula

Answer 12

Empirical probability
number of times an event occured/number of observations.

Question 13

Law that states over a large number of trials, the empirical probability of an event will approach it’s true probability

Answer 13

Law of large numbers

Question 14

The likelihood of a particular event happening that is assigned by an individual based on whatever information is available

Answer 14

Subjective concept of probability

Question 15

The occurrence of one event means that none of the other events can occur at the same time.

Answer 15

Mutually exclusive

Question 16

Rule that states that if A and B are mutually exclusive the probability of one or the other occurring equals the sum of their probabilities. State rule and formula

Answer 16

Special rule of addition
P of A or B = P of A + P of B

Question 17

When a list of outcomes is complete (shows all outcomes)

Answer 17

Collectively exhaustive

Question 18

Rule that state the odds of something happening plus the odds of it not happening must equal 1

Answer 18

Complement Rule

Question 19

A probability that measures the likelihood two or more events will happen concurrently

Answer 19

Joint probability

Question 20

What is the general of addition when including joint probability

Answer 20

P(A or B) = P(A) + P(B) - P(A and B)

Question 21

The occurrence of one event has no effect on the probability of the occurrence of another event

Answer 21

independence

Question 22

Rule that states if two independent events A and B, the probability that a and b will both occur is found by multiplying the two probabilities

Answer 22

Special rule of multiplication

Question 23

The probability of a particular event occurring, given that another event has occurred

Answer 23

Conditional probability