Probability Flashcards
1
Q
What is Probability?
A
A way to measure the likelihood of an event occurring.
2
Q
- Define a
Deterministic Event.
A
An event with a known outcome.
3
Q
Give an example of a Deterministic Event.
A
Life insurance payment amount.
4
Q
Define a Random (Aleatory) Event.
A
An event with an uncertain outcome.
5
Q
What is the Classical Definition of Probability?
A
- (Favorable Outcomes) / (Total
Possible Outcomes)
