Basic Probability Concepts

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Probability

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The measure of the likelihood that an event will occur. It is a number between 0 and 1 with 0 meaning no chance of an event and 1 being that the event will definitely occur.

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Sample Set

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A set of all possible outcomes or results of a particular experiment. Typical listed inside braces { }.

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Independent Events

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Two events are independent if the occurrence of one does not affect the probability of the other.

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Dependent Events

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Two events are dependent if the occurrence of one event does affect the probability of the other.

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Complementary Events

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Two events are complementary if the sum of the event happening and the event not happening equal 1.

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Conditional Probability

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The likelihood of an event occurring given that another related even already occurred.