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13 Cards in this Set
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What is Probability? Two Things

a value between 0 and 1, relative possibility that an event will occur
expressed as a percentage or as a decimal 
What are three ways to view probability?

Subjective Personalistic View
Classical or Logical View Empirical View 
What is Subjective Personalistic View? Three Things

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 
What is Classical or Logical View? Three Things

1. given number of events/total number of equally likely events
2. Assumes that events are equally likely 
What is the Empirical View? Four Things

 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 
What are Mutually Exclusive Events? Four Things

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 
What are collectively exhaustive events?

A set of events includes every possible outcome
if a and b are the only possible events then P(AUB) = 1 
What is the fundamental counting rule?

N1 * N2
Suppose that one event can occur n1 different ways and second event can occur n2 ways 
What are Permutations?

are used to determine the number of possible arrangements when order matters

What type of permutation is when n objects taken n at a time?

nPn = n!

What are permutations of n objects taken r at a time? (Formula)

nPr = n! / (nr)!

What are permutations of n objects when some of the objects are alike?

nPr1 r2 = n! / r1! r2!

What are combinations?

when order does not matter
nCr = n! / r!(nr)! 