Probability/ Statistics
Probability✔✔the likelihood that an event will occur
Probability experiment✔✔an action, or trial, through which specific results (counts,
measurements, or responses) are obtained
Outcome✔✔the result of a single trail in a probability experiment
Sample space✔✔the set of all possible outcomes of a probability experiment
Event✔✔a subset of the sample space. It may consist of one or more outcomes.
Simple event✔✔an event that consists of a single outcome
fundamental counting principle✔✔if one event can occur in "m" ways and a second
event can occur in "n" ways the number of ways the two events can occur in sequence
is m x n
Classical probability✔✔used when each outcome in a sample space is equally likely to
occur
Empirical probability✔✔based on observations obtained from probability experiment
Subjective probability✔✔Result from intuition, education guesses, and estimates
Law of Large Numbers✔✔as an experiment is repeated over and over, the empirical
probability of an event approaches the theoretical (actual) probability of an event
Range of probabilities✔✔probability of an event E is between 0 and 1 inclusive
0<P(x)<1
Complement of an Event✔✔the set of all outcomes in a sample space that are not
included in event E. P(E')
Conditional Probability✔✔probability of an event occurring, given that another event
has already occurred. P(B/A)
