Probability

Question 1

number tween 0 and 1 that indicates how likely an event is to happen

Answer 1

probability

Question 2

all possible outcomes of an experiment

Answer 2

sample space

Question 3

outcome of an experiment

Answer 3

event

Question 4

repetition of an experiment

Answer 4

repetition of the experiement

Question 5

process that produces results of a certain random distribution

Answer 5

experiment

Question 6

of events / total # of outcomes (part/whole)

Answer 6

probability

Question 7

probability of one event occuring

Answer 7

marginal probability

Question 8

event that cannot be broken down into other events

Answer 8

elementary event

Question 9

P of one event or the other or both happening

Answer 9

union probability

Question 10

P of both events happening

Answer 10

joint probability

Question 11

how is marginal P of A written?

Answer 11

P(A)

Question 12

how is union P of A and B written?

Answer 12

P(A U B)

Question 13

how is joint P written?

Answer 13

P (A and B) or P (A udU)

Question 14

how is conditional probability written?

Answer 14

P (A given B) or P( A | B)

Question 15

probability of A happening given that B has happened

Answer 15

conditional probability

Question 16

greek letter for sample space

Answer 16

omega

Question 17

What each repetition of an experiment called?

Answer 17

trial

Question 18

if the occurrence of one event precludes another

Answer 18

mutually exclusive events

Question 19

2 or more events that have no effect on the probability of occurrence of either

Answer 19

independent events

Question 20

the occurrence of one event does change the other event

Answer 20

dependent events

Question 21

2 events that encompass one sample space but have no intersection between them

Answer 21

complementary events

Question 22

general law of addition

Answer 22

P(A U B) = P(A) + P(B) - P(A and B)
read –> P A union B = marginal A + marginal B - P (A intersection or joint or udU B)

Question 23

general law of multiplication

Answer 23

P (A and B) = P(A) * P (B | A)
read –> joint probability is marginal P of A times P (B given A)

Question 24

Why is the intersection subtracted from the general law of addition?

Answer 24

so that only one intersection from each sample space is counted

Question 25

How does the general law of multiplication change if A and B are independent events?

Answer 25

P (A and B) = P(A) * P (B | A) becomes
P (A and B) = P(A) * P (B)

Question 26

What is probability-weighted average of the possible outcomes of a random variable?

Answer 26

expected value

Question 27

What is variance in terms of expected value?

Answer 27

expected value of the squared deviations subtracted from the variable’s expected value

Question 28

what is the measure of joint variability of two random variables?

Answer 28

covariance

Question 29

what is the scaled variation of joint variability of two random variables?

Answer 29

correlation

Question 30

what is the difference in covariance and correlation?

Answer 30

both show a relationship but correlation allows the strength of that relationship to be assessed

Question 31

variable that contains the outcome of a chance experiment

Answer 31

random variable

Question 32

2 types of random variables

Answer 32

1. discrete random variable
2. continuous random variable

Question 33

random variable with only whole numbers as out comes + example

Answer 33

discrete random variable - dice, coins, choosing people

Question 34

random variable that can have decimals as outcomes + example

Answer 34

continuous random variable - investment returns

Question 35

math function that provides probabilities of occurrence of different possible outcomes in an experiment

Answer 35

probability distribution

Question 36

the probability that a random variable takes a specific value

Answer 36

probability function

Question 37

describe probability function as it concerns discrete vs continuous variables

Answer 37

discrete variable - probability of a variable being a specific number

continuous variable - probability of a variable falling in a specific range

Question 38

name discrete distributions:

Answer 38

1. bernoulli distribution
2. binomial distribution
3. poisson distribution
4. hypergeometric

Question 39

distribution base on an experiment with only two possible outcomes “win or lose” + example

Answer 39

bernoulli distribution - coin flips

Question 40

distribution based on repeated experiments described by bernoulli distributions + example

Answer 40

binomial distribution - repeated coin flips

Question 41

describes distribution regarding probability of having a number of events within a certain space of time or area + example

Answer 41

poisson distribution - number of calls between 9a-5p or number of bacteria per square inch

Question 42

what is the difference between binomial and hypergeometric distributions?

Answer 42

binomial - sampling with replacement
hypergeometric - sampling without replacement

Question 43

name continuous distributions

Answer 43

1. uniform distribution
2. exponential distribution
3. normal distribution
4. lognormal distribution

Question 44

distribution where all the events share the same probability

Answer 44

uniform distribution

Question 45

related to poisson distribution

Answer 45

exponential distribution

Question 46

What is the difference between poisson and exponential distribution?

Answer 46

poisson has a certain number of occurrences in a time period

exponential answers the probability of how frequent those occurrences are

Question 47

what question does exponential function help answer and what is the greek letter associated?

Answer 47

what is the rate of failure = mu

Question 48

bell curve

Answer 48

normal distribution

Question 49

describe bell curve

Answer 49

symmetric where the mean equals the mode, unimodal

Question 50

what is the area under a normal curve?

Answer 50

1

Question 51

distribution that has a long tail and asymmetric bulk and follows a natural logarithm

Answer 51

lognormal distribution