Probability Concepts And Rules Flashcards
the ratio of the number of favorable outcomes to the total number of outcomes of an event.
Probability
Formula to calculate the probability of an event
Probability (Event) = Favorable outcomes / Total Outcomes
a branch of mathematics that is concerned with finding the likelihood of occurrence of a random event
Theoretical Probability
gives the outcome of the occurrence of an event based on mathematics and reasoning.
Theoretical Probability
If the probability is closer to 0 it implies that the event is
less likely to take place.
Theoretical probability can be calculated either by using
logical reasoning or by using a simple formula.
Used to calculate the probability of an occurrence of an event without performing an experiment
Theoretical probability
A type of probability that assumes that all events have equal likelihood of occurrence.
Theoretical probability
The probability that is determined on the basis of the results of an experiment is known as
Experimental probability
Experimental probability is also known as
Empirical probability
is a probability that is determined on the basis of a series of experiments.
Experimental probability
A random experiment is done and is repeated many times to determine their likelihood and each repetition is known as a
Trial
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
Sample space
A trial or an operation conducted to produce an outcome is called an
Experiment
An event that has produced the desired result or expected event is called a
Favorable outcome
An experiment that has a well-defined set of outcomes is called a
Random experiment
total number of outcomes of a random experiment is called an
Event
An event described by a single characteristic
e.g., A day in January from all days in 2014
Simple event
An event described by two or more characteristics
-e.g. a day in January that is also a Wednesday from all days in 2014
Joint event
- All events that are not part of event A
- e.g., Al days from 2014 that are not in January
Complement of an event A (denoted A’)
Events that have the same chances or probability of occurring are called
Equally likely events
Events that have the same chances or probability of occurring are called
Equally likely events
When the set of all outcomes of an event is equal to the sample space, we call it an
Exhaustive events
Events that cannot happen simultaneously are called
Mutually exclusive events
defines the likelihood of the happening of an event. It is the ratio of favorable outcomes to the total favorable outcomes.
The probability equation
a visual representation that helps in finding the possible outcomes or the probability of any event occurring or not occurring.
Tree diagram
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.
Classical probability
Another term for classical probability
Priori
or the
experimental perspective evaluates
probability through thought
experiments.
Empirical probability
considers an individual’s own
belief of an event occurring
Subjective probability
a set of rules or axioms by Kolmogorov are applied to all the types.
Axiomatic probability
