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22 Cards in this Set

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Probability

A value between zero and one, inclusive, describing the relative possibility (chance or likelihood) an event will occur.

Experiment

A process that leads to the occurrence of one and only one of several possible results.

Outcome

A particular result of an experiment.

Event

A collection of one or more outcomes of an experiment.

Mutually Exclusive

The occurrence of one event means that none of the other events can occur at the same time.

Collectively Exhaustive

At least one of the events must occur when an experiment is conducted.

Empirical Probability

The probability of an event happening is the fraction of the time similar events happened in the past.

Law of Large Numbers

Over a large number of trials, the empirical probability of an event will approach its true probability.

Subjective Concept of Probability

The likelihood (probability) of a particular event happening that is assigned by an individual based on whatever information is available.

Special Rule of Addition

P(A or B) = P(A) + P(B)

Complement Rule

P(A) = 1 - P(-A)

Joint Probability

A probability that measures the likelihood two or more events will happen concurrently.

General Rule of Addition

P(A or B) = P(A) + P(B) - P(A and B)

Special Rule of Multiplication

P(A and B) = P(A) * P(B)

Independence

The occurrence of one event has no effect on the probability of the occurrence of another event.

Conditional Probability

The probability of a particular event occurring, given that another event has occurred.

General Rule of Multiplication

P(A and B) = P(A) * P(B/A)

Contingency Tables

A table used to classify sample observations according to two or more identifiable categories or classes.

Multiplication Formula

Total Number of Outcomes = m * n

Permutation

Any arrangement of r objects selected from a single group of n possible objects.

Permutation Formula

nPr = n! / (n - r)!

Combination Formula

nCr = n! / r! (n - r)!