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22 Cards in this Set
- Front
- Back
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Equally likely outcomes |
When outcomes have the same chance of happening |
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Event |
A set of one or more successful outcomes |
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Event |
The possible results of a trial |
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Probability |
The numerical measure of the chance of an event happening |
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Probability scale |
A scale which goes from 0 (impossible) to 1 (certain) |
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Trial |
The act of testing or doing something |
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Probability of an event = |
Number of successful outcomes/total number of outcomes |
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Sample space |
A list of possible outcomes |
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Venn diagram |
Way of representing a sample space |
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Trial |
An experiment or survey |
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Limiting value |
The estimated probability based upon a large number of trials |
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Cost of insurance = |
Amount being insured × probability of accident |
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Simulation |
Imitation of a situation by theoretical study |
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Addition law |
P (A or B) = P (A) + P (B) |
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Exhaustive |
A set of events is exhaustive if it contains all the possible outcomes. P (A) + P (Not A) = 1, Sum of p = 1 |
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Independant |
Two events are independent if the outcome of one does not effect the outcome of the other. If the events as independant they can both happen at once |
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Multiplication law |
P (A and B) = P (A) * P (B)
Or if mutually exclusive = P (A or B) = P (A) + P (B) - P (A and B) |
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Mutually exclusive |
Cannot happen at the same time |
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Tree diagram |
A diagram that shows all the possible combinations of outcomes and their possibilities |
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Conditional probability |
When the probability of one event happening depends on the outcome of previous event |
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Multiplication law for conditional probability = |
P (A and B) = P ( B|A) * P (A) |
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Tree diagram |
A diagram showing the possible combination of outcomes and there probabilities when the probability of one event depends on the outcome of the other event |
