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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! / (n-r)! 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!(n-r)!