Probability

Question 1

probability

Answer 1

the study of chance & uncertainty

Question 2

equation for probability

Answer 2

of possible successes / # of possible outcomes

Question 3

as more observations are collected, the proportion of occurrences with a particular outcome will converge to the TRUE probability of that outcome

Answer 3

Law of Large Numbers

Question 4

Disjoint/Mutually Exclusive Outcomes VS Non-Disjoint Outcomes

Answer 4

Disjoint: two outcomes that cannot both happen at the same time

Non-Disjoint: both outcomes can occur at the same time

Question 5

Disjoint/Mutually Exclusive Outcomes Equation

Answer 5

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

Question 6

Non-Disjoint Outcomes (can be applied to Disjoint Outcomes also)

Answer 6

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

Question 7

Complement of An Event: The probability of Not A (Ac)

Answer 7

P(A) + P(Ac) = 1
P(Ac) = 1-P(A)

Question 8

Independent Outcome vs Conditional Probability

Answer 8

Independent Outcome: outcome A has no impact on B Outcome

Conditional Probability: the probability of A, given B

Question 9

Independent Probability Equation

Answer 9

P(A&B) = P(A) x P(B)

Question 9

Conditional Probability Equation

Answer 9

P(A/B) = P(A&B)/P(B) or
P(A&B) = P(B/A) x P(B)