Probability

Probability

1. the extent to which something is probable; the likelihood of something happening or being the case

2. Events

   • Mutually Exclusive Events
     • For a given sample space, its either one or the other but not both. P(A)+P(B)= 1
   • Non-Mutually Exclusive Events
     • Both the events A and B have atleast one common outcome between them. P(A or B) = P(A) + P(B) - P(A and B)
   • Dependent
     • The probability of one event occurring influences the likelihood of the other event. P(A and B) = P(A) • P(B after A)
   • Independent
     • The probability that one event occurs in no way affects the probability of the other event occurring. P(A∩B) = P(A) · P(B).
   • Complementary
     • Happen when there are only two outcomes P (B’) = 1 – P (B).