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Question 1

A number between 0 and 1 that indicates the relative chance or likelihood that an event will happen.

Answer 1

Probability

Question 2

Also referred to as a statistical observation, it is a random process that results in the occurrence of a single outcome among several possible observations or definite occurrences.

Answer 2

Experiment

Question 3

An experiment’s particular result.

Answer 3

Outcome

Question 4

A collection of at least one outcome or a set of outcomes of an experiment to which a probability value is assigned.

Answer 4

Event

Question 5

Conceptual Approaches:

Answer 5

1. Objective Probability
2. Subjective Probability

Question 6

The probability an event will occur based on an analysis in which each measure is based on a recorded observation or a long history of collected data.

Answer 6

Objective Probability

Question 7

The chance of a specific event occurring, given to an individual based on the basis of whatever available information there is.

Answer 7

Subjective Probability

Question 8

Objective Probability:

Answer 8

1. Classical Probability
2. Empirical Probability

Question 9

Based on the assumption that an experiment’s outcomes are equally likely. Outcomes are equally likely if events are mutually exclusive and collectively exhaustive.

Answer 9

Classical Probability

Question 10

Another way to assign probabilities based on the basis of relative frequencies.

Answer 10

Empirical Probability