Chapter 5 Flashcards
Classical probability
based on the assumption that the outcomes of an experiment are equally likely
Collectively exhaustive
At least one of the events must occur when an experiment is conducted
Empirical Probability
The probability of an event happening is the fraction of the time similar events happened in the past
Law of Large Numbers
Over a large number of trials the empirical probability of an event will approach its true probability
Subjective concept of probability
The likelihood of a particular event happening that is assigned by an individual based on whatever information is available.
To apply the special rule of addition…
The events must be mutually exclusive.
Used to determine the probability of an event occurring by subtracting the probability of the event not occurring from 1
Complement rule
Joint Probability
A probability that measures the likelihood two or more events will happen concurrently.
Independence
The occurrence of one event has no effect on the probability of the occurrence of another event.
Which rule of multiplication deals with independent events.
Special Rule of Multiplication
Which rule of multiplication deals with dependent events?
General Rule of Multiplication
Conditional Probability
The probability of a particular event occurring, given that another event has occurred.
Contingency table
A table used to classify sample observations according to two or more identifiable characteristics
Multiplication formula
If there are m ways of doing one thing and n ways of doing another thing, there are m x n ways of doing both.
Permutation formula
is used to find the possible number of arrangements when there is only one group of objects.
