Probability Concepts And Rules

Question 1

the ratio of the number of favorable outcomes to the total number of outcomes of an event.

Answer 1

Probability

Question 2

Formula to calculate the probability of an event

Answer 2

Probability (Event) = Favorable outcomes / Total Outcomes

Question 3

a branch of mathematics that is concerned with finding the likelihood of occurrence of a random event

Answer 3

Theoretical Probability

Question 4

gives the outcome of the occurrence of an event based on mathematics and reasoning.

Answer 4

Theoretical Probability

Question 5

If the probability is closer to 0 it implies that the event is

Answer 5

less likely to take place.

Question 6

Theoretical probability can be calculated either by using

Answer 6

logical reasoning or by using a simple formula.

Question 7

Used to calculate the probability of an occurrence of an event without performing an experiment

Answer 7

Theoretical probability

Question 8

A type of probability that assumes that all events have equal likelihood of occurrence.

Answer 8

Theoretical probability

Question 9

The probability that is determined on the basis of the results of an experiment is known as

Answer 9

Experimental probability

Question 10

Experimental probability is also known as

Answer 10

Empirical probability

Question 11

is a probability that is determined on the basis of a series of experiments.

Answer 11

Experimental probability

Question 12

A random experiment is done and is repeated many times to determine their likelihood and each repetition is known as a

Answer 12

Trial

Question 13

Each possible outcome is uncertain and the set of all the possible outcomes is called the

All the possible outcomes of an experiment together constitute a

Answer 13

Sample space

Question 14

A trial or an operation conducted to produce an outcome is called an

Answer 14

Experiment

Question 15

An event that has produced the desired result or expected event is called a

Answer 15

Favorable outcome

Question 16

An experiment that has a well-defined set of outcomes is called a

Answer 16

Random experiment

Question 17

total number of outcomes of a random experiment is called an

Answer 17

Event

Question 18

An event described by a single characteristic
e.g., A day in January from all days in 2014

Answer 18

Simple event

Question 19

An event described by two or more characteristics
-e.g. a day in January that is also a Wednesday from all days in 2014

Answer 19

Joint event

Question 20

• All events that are not part of event A
• e.g., Al days from 2014 that are not in January

Answer 20

Complement of an event A (denoted A’)

Question 21

Events that have the same chances or probability of occurring are called

Answer 21

Equally likely events

Question 22

Events that have the same chances or probability of occurring are called

Answer 22

Equally likely events

Question 23

When the set of all outcomes of an event is equal to the sample space, we call it an

Answer 23

Exhaustive events

Question 24

Events that cannot happen simultaneously are called

Answer 24

Mutually exclusive events

Question 25

defines the likelihood of the happening of an event. It is the ratio of favorable outcomes to the total favorable outcomes.

Answer 25

The probability equation

Question 26

a visual representation that helps in finding the possible outcomes or the probability of any event occurring or not occurring.

Answer 26

Tree diagram

Question 27

often referred
to as the “priori” or “theoretical
probability”, states that in an
experiment where there are B
equally likely outcomes, and event
X has exactly A of these outcomes,
then the probability of X is A/B, or
P(X) = A/B.

Answer 27

Classical probability

Question 28

Another term for classical probability

Answer 28

Priori

Question 29

or the
experimental perspective evaluates
probability through thought
experiments.

Answer 29

Empirical probability

Question 30

considers an individual’s own
belief of an event occurring

Answer 30

Subjective probability

Question 31

a set of rules or axioms by Kolmogorov are applied to all the types.

Answer 31

Axiomatic probability