Probability - ANSWERSThe likelihood that an outcome occurs
Experiment - ANSWERSThe process that results in an outcome
Outcome - ANSWERSResult of an experiment that can be observed
Sample space - ANSWERSThe collection of all possible outcomes of an experiment
Event - ANSWERSA collection ...
Probability - ANSWERSThe likelihood that an outcome occurs
Experiment - ANSWERSThe process that results in an outcome
Outcome - ANSWERSResult of an experiment that can be observed
Sample space - ANSWERSThe collection of all possible outcomes of an experiment
Event - ANSWERSA collection of one or more outcomes from a sample space
Complement of an event - ANSWERSAll possible outcomes that are not in the event
Union of events - ANSWERSIf the notation (A and B) represents the intersection of events A and B, the
collection of all outcomes that belong to either A or B or to both A and B
Non-mutually exclusive events - ANSWERSIf the notation (A and B) represents the intersection of events
A and B, the collection of all events that belong to both A and B
Combinations - ANSWERSUnique outcomes that must be counted when order does not matter
Permutations - ANSWERSThe outcomes that are counted when order does matter
Classical definition of probability - ANSWERSIf the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments
, Relative frequency definition of probability - ANSWERSProbabilities are based on empirical data; the
probability is simply the relative frequency associated with that outcome
Subjective definition of probability - ANSWERSProbabilities are based on judgment and experience
Joint probability - ANSWERSThe probability of the intersection of two events
Marginal probability - ANSWERSThe probability of an event irrespective of the outcome of the other
joint event
Conditional probability - ANSWERSThe probability of occurrence of one event A, given that another
event B is known to be true or has already occurred
Continuous random variable - ANSWERSA random variable that may have outcomes over one or more
continuous intervals or real numbers
Probability distribution - ANSWERSA characterization of the possible values that a random variable may
assume along with the probability of assuming these values
Empirical probability distributions - ANSWERSProbability distribution calculated from the relative
frequencies of a data sample
Subjective distribution - ANSWERSProbability distribution specified from subjective values and expert
judgment by creating decision models for phenomena for which there is no historical data
Discrete distributions - ANSWERSProbability distribution of the discrete outcomes of a discrete random
variable
Cumulative distribution function - ANSWERSA function that specifies the probability that a random
variable is less than or equal to a specified value
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