Probability
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• Definitions
• Probability Experiment
• Process which leads to well-defined results call outcomes
• Outcome
• The result of a single trial of a probability experiment
• Sample Space
• Set of all possible outcomes of a probability experiment
• Event
• One or more outcomes of a probability experiment
• Classical Probability
• Uses the sample space to determine the numerical probability that an event will happen. Also called theoretical probability.
• Equally Likely Events
• Events which have the same probability of occurring.
• Complement of an Event
• All the events in the sample space except the given events.
• Empirical Probability
• Uses a frequency distribution to determine the numerical probability. An empirical probability is a relative frequency.
• Subjective Probability
• Uses probability values based on an educated guess or estimate. It employs opinions and inexact information.
• Mutually Exclusive Events
• Two events which cannot happen at the same time.
• Disjoint Events
• Another name for mutually exclusive events.
• Independent Events
• Two events are independent if the occurrence of one does not affect the probability of the other occurring.
• Dependent Events
• Two events are dependent if the first event affects the outcome or occurrence of the second event in a way the probability is changed.
• Conditional Probability
• The probability of an event occurring given that another event has already occurred.
• Bayes' Theorem
• A formula which allows one to find the probability that an event occurred as the result of a particular previous event.