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22 Cards in this Set

  • Front
  • Back

Experiment

A process that results in some outcome

OUTCOME of an experiment
The results that we observe (sum of 2 dice)
Sample Space
The collection of all possible outcomes
Event
a collection of 1 or more outcomes from a sample space
Classical view of Probability
Based on Theory. Number of favorable outcomes / total number of possible outcomes
Relative Frequency
Based on Empirical data. Number of times an event has occurred in the past / the total # of observations
Subjective Probability
Based on judgement. What is the possibility that the Phillies will win the World Series?
Mutually Exclusive
2 events have no outcomes in common
0 and 1
Probability associated with any outcome must be between?
1
Sum of all probabilities over all possible outcomes must be?
The outcomes that compose that event
Probability of any event is the sum of?
P(A or B)= P(A)+P(B)
If events A and B are mutually exclusive then (formula)
P(A or B)= P(A) + P(B) – P(A and B)
If events A and B are not mutually exclusive then (formula)
Conditional Probability
The probability of the occurrence of one event given that the other event is known to have occurred P(A|B)=P(A and B) / P(B)

Statistical Independence

If the probability of A given B = the probability of A; one event conveys no information about the other; P(A|B) = P(A) or P(B|A) = P(B)

Probability Density Function
a curve that characterizes outcomes of a continuous random variable
Expected Value

The mean of a random variable

Probability Density Function Properties

(1) f(x)=>0 for all values of x (2)the total area under the function above the x-axis is 1.0

P(A|B) = P(A and B) / P(B)

Conditional Probability Formula

P(A or B) = P(A)+P(B)-P(A and B)

NOT mutually exclusive formula

P(A and B) = P(A) + P(B)

Mutually Exclusive Formula

P(A|B) = P(A) or P(B|A) = P(B)

Statistical Independence Formula