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13 Cards in this Set
- Front
- Back
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What is Probability? Two Things
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-a value between 0 and 1, relative possibility that an event will occur
-expressed as a percentage or as a decimal |
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What are three ways to view probability?
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Subjective Personalistic View
Classical or Logical View Empirical View |
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What is Subjective Personalistic View? Three Things
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-probability is a measure of the strength of one's expectation that an event will occur
-difficult to incorporate into a formal decision making process -Used when there is little or no information available |
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What is Classical or Logical View? Three Things
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1. given number of events/total number of equally likely events
2. Assumes that events are equally likely |
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What is the Empirical View? Four Things
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- the probability of event a is the fraction of the time similar events happened in the past
-empirical view is based on law of large numbers -based on experience -used when events can be repeated without changing any of their characteristics |
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What are Mutually Exclusive Events? Four Things
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-the occurence of one event that none of the other events can occur at the same time
-two events are mutally exclusive if they have no sample points in common -called disjointed -Fourth in notes |
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What are collectively exhaustive events?
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A set of events includes every possible outcome
-if a and b are the only possible events then P(AUB) = 1 |
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What is the fundamental counting rule?
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N1 * N2
Suppose that one event can occur n1 different ways and second event can occur n2 ways |
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What are Permutations?
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-are used to determine the number of possible arrangements when order matters
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What type of permutation is when n objects taken n at a time?
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nPn = n!
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What are permutations of n objects taken r at a time? (Formula)
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nPr = n! / (n-r)!
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What are permutations of n objects when some of the objects are alike?
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nPr1 r2 = n! / r1! r2!
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What are combinations?
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when order does not matter
nCr = n! / r!(n-r)! |
