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What is an Outcome - Assignment Example

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What is an outcome? Refers to the result of a single trial of a probability experiment What is an event? An event can be described as a set of outcomes of a probability experiment Probability is always between 0 and 1…
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Download file to see previous pages What is theoretical probability? It is the probability that assumes that all outcomes in a sample space are equally likely to occur What is relative frequency method or empirical probability? Empirical probability relies on actual experience to determine the outcome of outcomes What is subjective probability? Subjective probability uses probability value based on an educated guess employing opinions and inexact information. What is a probability distribution? It consists of the values a random variable can assume and the corresponding probabilities of the values which are determined through experiment or through observation. What are the odds of an event? Odds of an event are applied in gambling games to make them fair. What is the multiplication principal for finding number of outcomes? P(A ∩B)=P(B\A)×P(A) Chapter 7 section B What are independent events? Events can be independent if occurence of one of the events does not affect the probability of another occurring. How do we find the probability of two or more independent events happening at same time? Multiplication of the individual probabilities for each of the events What is the probability of rolling a single die three times and getting a six on all three rolls? ...Download file to see next pagesRead More
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