Probability Flashcards
(8 cards)
1
Q
- numerical statement about the likelihood that an event will occur
- quantifying uncertainty
A
Probability
2
Q
Objective Probability formula
A
P(events)= number of occurrences of the event/total number of trials or outcomes
3
Q
Subjective Probability samples
A
Experience, Judgement, Opinion Polls, Delphi Method
4
Q
- if only one of the events can occur at any one trial
- one at a time, 2 events cannot happen at the same time
A
Mutually exclusive
5
Q
if the list of outcomes includes every possible outcome
A
Collectively exhaustive
6
Q
occurrence of one event does not affect the probability of occurrence of the second event
A
Statistically independent events
7
Q
the occurrence of one event affects the probability of some other event
A
Statistically dependent events
8
Q
Probability formula
A
P = number of possibility of getting an outcome / total number of possible outcomes
