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9 Cards in this Set
- Front
- Back
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The null event |
Definitely won't happen |
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Sure event |
Definitely will happen |
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Family of events in S |
Group of all possible subsets of the sample space |
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Axioms of probability |
1. All probabilities are real values between 0 and 1. 2. p(S) = 1 3. p(A v B)= p(A) + p(B) - p(A&B) |
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Betting odds |
If the odds of some event are X to Y, the betting odds can be formulated as: x/(x + y) E.g. 5 to 1 odds = 5/6 chance of it happening |
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Joint event |
p(A&B) = p(A)*p(B) |
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Marginal probably |
Probability of one event occuring |
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Conditional probability |
- p(B|A) - p(B|A) = p(B)*p(A) / p(A) - p(A|B) = p(A)*p(B) / p(B) ***Remember: this formula only works if events are independent (otherwise need Bayesian formula) |
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Independent events |
Occurence of one event does not affect the probability of another event occuring |
