Quantitative Methods Flashcards
(29 cards)
What is probability?
Probability describes the phenomenon of chance or randomness of events occurring. It deals with the likelihood of an occurrence of an event.
What are subjective probabilities?
Subjective probabilities are based on past experience and judgment, containing personal bias and no formal calculations.
What are some methods for making subjective probability assessments?
Methods include opinion polls, personal experience and judgment, and the Delphi method.
What is empirical probability?
Empirical probability is based on examining past data and using logical and mathematical equations to determine the likelihood of an event.
What does P(E) represent in probability?
P(E) refers to the probability of an event occurring.
What is sample space?
Sample space refers to the set of all possible outcomes of an experiment.
What is an event in probability?
An event refers to one or more possible outcomes of a single trial of an experiment.
What is a simple event?
A simple event occurs when one event happens in a trial.
What is a compound event?
A compound event occurs when two or more events happen in a sequence.
What is the probability of getting a Head when a coin is tossed?
The probability of getting a Head (H) when a coin is tossed is an example of a simple event.
What is the probability of getting a Head in the first toss and a Tail in the second toss?
This is an example of a compound event.
What is the probability scale?
The probability scale ranges from 0 (impossible event) to 1 (certain event).
What is the Addition Rule of Probabilities?
The Addition Rule states that the probability of A or B occurring is the sum of the probabilities of each event.
What is the Multiplication Rule of Probabilities?
The Multiplication Rule states that for independent events, the probability of both occurring is the product of their probabilities.
What is a dependent event?
A dependent event is when the occurrence of one event affects the likelihood of another event occurring.
What is the fundamental principle of counting?
The fundamental principle of counting states that if there are n1 outcomes for event E1 and n2 outcomes for event E2, the total outcomes for both events is n1 * n2.
What is a permutation?
A permutation refers to the arrangement of a set of objects where the order matters.
What is the formula for permutation?
The permutation formula is nPr = n! / (n - r)! where n is the total number of objects and r is the number of objects selected.
What is the probability of selecting a specific sequence in a permutation?
The probability of selecting a specific sequence is 1 divided by the total number of permutations.
What subjects does Ramon have classes in?
Ramon has classes in Algebra, Chemistry, English, Spanish, and History.
What is the probability scenario involving Ramon’s books?
The scenario involves the probability that Ramon’s English, Spanish, and Algebra books will be the leftmost books on the shelf followed by the other two books.
How many arrangements are there for the leftmost books?
There are 6 arrangements for the leftmost books (English, Spanish, and Algebra).
What is the total number of successes for placing the books?
The total number of successes for placing the books is 12.
How do you determine the total number of possible 5-book arrangements?
For 5-book arrangements, n(left) = 5 and n(right) = 5.
