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- Kansas
- University of Kansas
- Business
- Business 305
- Howard
- Book Notes for Chapter 4

Alyssa S.

event

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a collection of experimental outcomes

sample space

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the collection of all outcomes that can result from a selection, decision or experiment

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K

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the number of outcomes in the sample

probability rule 2

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the sum of the probabilities of all outcomes from i to k is equal to 1

complement

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the complement of an event E is the collection of all possible outcomes not contained in event E

probability

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the chance that a particular event will occur

mutually exclusive events

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two events are mutually exclusive if the occurrence of one event precludes the occurrence of the other event

relative frequency assessment

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the method that defines probability as the number of times an event occurs divided by the total number of times an experiment is performed in a large number of trials

classical probability assessment

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the method of determining probability based on the ratio of the number of ways an outcome or event of interest can occur to the number of ways any outcome or event can occur when the individual outcomes are equally likely

probability rule 1

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for any event Ei, 0 <= P(Ei) <= 1 for all i

conditional probability

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the probability that an event will occur given that some other event has already happened

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subjective probability assessment

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the method that defines probability of an event as reflecting a decision maker's state of mind regarding the chances that the particular event will occur

probability: the chance that a particular event will occur

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independent events

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two events are independent if the occurrence of one event in no way influences the probability of the occurrence of the other event

experiment

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a process that produces a single outcome whose result cannot be predicted with certainty

dependent events

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two events are dependent if the occurrence of one event impacts the probability of the other event occurring

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