Probability and Risk: Flashcards
(46 cards)
What is introduced due to the complexity of living systems?
- Variability
- Uncertainty
Why is it that risk is not always measured accurately?
Assessments of risk is bias- something that we are more familiar with appears to pose less threat and something less so appears to pose more.
What is the difference between risk and probability?
Risk is the probability of something undesirable happening
What is probability?
The proportion of times a particular outcome will occur from a large number of independent trials
Why is the sample size so important when considering probability?
The proportion of times something happens will only accurately reflect the probability if there is a large number of independent trials
What is the definition of the probability in relation to a single event?
The likelihood of getting a particular outcome from a single event
What is probability denoted by?
π
What is the scale of probability?
0-1
What does it mean if the probability of something happening is 0?
The event is will not happen, it is impossible
What does it mean if the probability of an event happening is 1?
The event is going to happen, it is certain
What does it mean that each trial/event is independent?
The outcome of one event/trial is doesnβt affect the probability of another
When finding the probability of one or more independent events happening, what do you do with the probabilities?
Add them together
What is π(A U B) equal to?
π(A) + π(B)
When is the equation π(A U B) = π(A) + π(B) valid?
When the A and B are mutually exclusive (where A and B represent outcomes)
What does it mean that two events are mutually exclusive?
They cannot happen at the same time
What do all mutually exclusive outcomes add up to?
1
What is 1 - π(A U B) equal to?
π(A U B)β
Probability of every mutually exclusive outcome but A and B
What are probability distributions?
Graphical representations of theoretical probability of each outcome
What is the independent and dependent variable between outcome and probability of outcome?
The possible outcomes is the independent variable and the probability of each outcome is the dependent variable
Which axis do the dependent and independent variable go?
The independent variable goes on the x-axis and the dependent variable goes on the y-axis
The area covered by the outcomes we are interested in within a probability distribution should be proportionate to what?
The probability of the outcome(s)
What is π(A n B) equal to?
π(A) x π(B)
Under what condition is π(A) n π(B) = π(A n B)?
When the outcomes A and B are independent
What is the difference between probability and frequency distribution?
Probability distributions refer to the theoretical probability of each outcome, whereas the frequency distribution refers to the observed frequency of each outcome (the experimental results)