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Module 3
Fichas del conjunto (19)
- 1random experimentan action or process that leads to one of several possible outcomes
- 2exhaustiveall possible outcomes must be included
- 3mutually exclusiveno two outcomes can occur at the same time
- 4Sample Spaceof a random experiment is a list of all possible outcomes of the experiment. The outcomes my be exhaustive and mutually exclusive.
- 5Three Approaches to Assigning ProbabilityClassical Approach
Relative Frequency Approach
Subjective Approach - 6Classical Approachused by mathematicians to help determine the probabilty associated with games of chance.
Ex: probability of heads or tails in a coin flip 2 possible outcomes 50% chance (totals to 1) - 7Relative Frequency Approachthe long run frequency with which an outcome occurs.
ex: of the last 1000 student, 200 received an A. 200/1000 = 20% probability
The larger the observation the more accurate the probability. You would have to observe an infinite number of students to get an exact probability - 8Subjective Approachthe degree of belief that we hold in the occurrence of an event
ex: an investor would like to know the probability of a stock going up. Based on a number of factors associated with stock and stock markets, using her judgment would assign a probability - 9Eventis a collection or set of one or more simple events in a sample space
- 10Probability of an Eventis the sum of the probability of the simple events that constitute the event
- 11Continuous random variableis one whose values are uncountable. you cannot count the number of values, X is continuous.
- 12random variableis a function or rule that assigns a number to each outcome of an experiment
- 13discrete random variableone that can take on a countable number of values
- 14Probabilityis the likelihood that an outcome will occur as a result of a random experiment
- 15Two Rules of Probability1. probability associated with any outcome is between 0-1 (0%-100%)
2. the sum of all the probabilities of all the possible events associated with an experiment is 1 (100%) - 16Independent Eventsone event does not change the probability that the other event will occur
ex: coin flip - 17Dependent Eventif the occurrence of one event changes the probability of another event
- 18Marginal Probabilitiesprobabilities derived from the margins (totals)
- 19Joint Probabilitiesderived from the body of the table (amounts that make up the totals)
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- Professional Designation (Module 3: Fundamentals of probability) QU1 Fichas sobre Module 3, creado por jbbacik el 13/01/2015.
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