Probability

Question 1

Is a numerical statement about the likelihood that an event will occur.

Answer 1

Probability

Question 2

Objective Probability

Answer 2

P(event) = Number of occurrences of the event/ Total number of outcomes

Question 3

When logic and past history are not appropriate, probability values. The accuracy of it depends on the experience and judgement of the person making the estimates.

Answer 3

Subjective Probability

Question 4

are events that cannot happen at the same time.

Answer 4

Mutually exclusive events

Question 5

are events that cover all possible outcomes of an experiment.

Answer 5

Collectively exhaustive events

Question 6

This is often called the union of two events. When these two events are mutually
exclusive

Answer 6

P (event A or event B) = P(A) + P(B)

P (spade or club) = P(spade) + P(club)

Question 7

Law of Addition for events That Are Not Mutually Exclusive

Answer 7

P(event A or event B) = P(event A) + P(event B) – P(event A and event B both occurring)

P(five or diamond) = P(five) + (P(diamond) – P(five and diamond)

Question 8

The occurrence of one event has no effect on the probability of occurrence of the second event.

Answer 8

Statistically Independent Events

Question 9

Is the probability that of an event occurring.

Answer 9

Marginal Probability

Question 10

Is the probability of an event occurring given that another event has taken place.

Answer 10

Conditional Probability

Question 11

Is the product of marginal probabilities.

Answer 11

Joint Probability