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10 Cards in this Set
- Front
- Back
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Random Variable
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Uncertain quantity/number
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Outcome
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an observed value of a random number
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event
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Single outcome or a set of outcomes
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Mutually Exclusive Events
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Events that cannot both happen at the same time
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Exhaustive events
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Those that include all possible outcomes
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2 Defining Properties of probability
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1. The probability of an event is between 0 and 1
2. If a set of events is mutually exclusive and exhaustive, the probabilities of the events sum to 1 |
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Empirical Probability
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Established by analyzing past data.
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A Priori probability
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determined by using a formal reasoning and inspection process
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Subjective probability
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Least formal method of developing probabilities and involves the use of personal judgement
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Unconditional Probability
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AKA Marginal probability - the probability of an event regardless of past or future occurrence of events
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