Risk & Probibility Flashcards
1
Q
Simple probability
A
P= number of ways of achieving desired results / total number of possible outcomes
2
Q
Mutually exclusive outcomes
A
An outcome where the occupancy of one of the outcomes excludes the possibility of any other happening
3
Q
Independent events
A
Events where the outcome of one event in on way affects the outcome of the other events
4
Q
Dependent ‘ on diction all events
A
Events where the outcome of one event depends on the outcome of the others
5
Q
Simple addition/ or law
A
P ( A or B ) = P (A) +(B)
