PROBABILITY

PROBABILITY

1. Event:An outcomes of a random experiment or an event is something that happens

2. Equally likely Events:The different outcomes have the same as equal chances of occurrences

3. Probability of any event can never be less than 0 and not more than 1 [0<=P(E)<=1]

4. Sample space:Set of all possible outcomes of an experiment

5. Probability of Events

   • Sum of the probability of all events is always one
   • Complementary event:P(E)+P(not E)=1 or P(not E)=1-P(E),here P(E)=P(not E)=complimentary events.
   • Impossible Event:Probability of an event is equal to 0
   • Certain event/Sure event:Probability of an event is equal to 1

6. Random experiment may result in two or more outcomes,e.g. tossing a coin,throwing a dice

7. Types

   • Classical Probability:Probability of an event denotes likelihood of its happening,P(E)=No. of event favorable/ Total number of all possible event
   • Measurement Probability:When repetition of an experiment can be avoided for exact Probability,Probability =No. of favorable outcomes/Number of all possible outcomes
   • Empirical Probability:When probability is based on an actual experiment suppose event E to happen, when experiment is performed, then P(E)=No. of times event E occured/No. of times the experiment was per