TAILIEUCHUNG - Lecture Basic statistics for business and economics - Chapter 5: A survey of probability concepts
When you have completed this chapter, you will be able to: Explain the terms experiment, event, and outcome; identify and apply the appropriate approach to assigning probabilities; calculate probabilities using the rules of addition; define the term joint probability;. | A Survey of Probability Concepts Chapter 05 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin LEARNING OBJECTIVES LO 5-1 Explain the terms experiment, event, and outcome. LO 5-2 Identify and apply the appropriate approach to assigning probabilities. LO 5-3 Calculate probabilities using the rules of addition. LO 5-4 Define the term joint probability. LO 5-5 Calculate probabilities using the rules of multiplication. LO 5-6 Define the term conditional probability. LO 5-7 Compute probabilities using a contingency table. LO 5-8 Determine the number of outcomes using the appropriate principle of counting. 5- In this chapter, we will define probability, describe the classical, empirical, and subjective approaches to probability, explain the terms experiment, event, outcome, permutations, and combinations. We will define the terms conditional probability and joint probability. Using the rules of addition and rules of multiplication we are going to calculate probabilities. Probability, Experiment, Outcome, Event: Defined PROBABILITY A value between zero and one, inclusive, describing the relative possibility (chance or likelihood) an event will occur. An experiment is a process that leads to the occurrence of one and only one of several possible observations. An outcome is the particular result of an experiment. An event is the collection of one or more outcomes of an experiment. LO 5-1 Explain the terms experiment, event, and outcome. 5- Mutually Exclusive Events and Collectively Exhaustive Events Events are mutually exclusive if the occurrence of any one event means that none of the others can occur at the same time. Events are collectively exhaustive if at least one of the events must occur when an experiment is conducted. The sum of all collectively exhaustive and mutually exclusive events is (or 100%) Events are independent if the occurrence of one event does not affect the occurrence of another. .
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