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Flashcards in Lecture 5 Deck (14)
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1

probability is a number between

0 and 1

2

mutually exclusive

if only one can occur at one time

3

collective exhaustively

if it includes every possible outcome of an experiment, sum of probabilities = 1

4

classical probability

assumption that the outcomes of an experiment are equally likely

5

Empirical Probability

probability of an event happening is determined by past

6

Subjective Probability

based on judgement or intuition

7

complement rule

the probability of an event occurring is the same as one minus the event not occurring

8

Complement rule formula

P(event occurring) = 1 - P(event not occurring)

or

P(A) = 1-P(A')

9

Addition Rule for mutually exclusive events

P(A or B) = P(A) + P(B)

10

addition rule for all events

P(A or B) = P(A) + P(B) - P(A and B)

11

independent events

two events are independent if the occurrence of one does not affect the probability of the other

12

independent events formula

P(A and B) = P(A) x P(B)

13

Bayes Rule: events that are not independent

P(B|A) = the probability of B occurring given that A has already occurred

14

General rule of multiplication formula

P(B|A) = P(A and B)/ P(B)