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13 Cards in this Set

  • Front
  • Back
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)!