PROBABILITY & STATISTICS

Two (2) basic types of probability can be defined:

Given a set of outcomes for an activity (such as a head or a tail when a coin is tossed), the probability of a specific (desired) outcome (such as a head) is the ratio of the number of specific outcomes to the total number of outcomes.

This type of objective probability indicates the relative frequency with which a specific outcome has been observed to occur in the long run. It is based on the observation of past occurrences.

It is more general and widely accepted than the classical definition.

When relative frequencies are not available, a probability is often determined anyway. In these cases, a person must rely on personal belief, experience, and knowledge of the situation to develop a probability estimate. A probability estimate that is not based on prior or past evidence is a

It is an activity (such as tossing a coin) that results in one of the several possible outcomes.

The events in an experiment are (?) if only one (1) of them can occur at a time.

This information, organized according to the events in the experiment, is called

The list of the corresponding probabilities for each event in the last column is a

When events are (?), it is possible to determine the probability that both events will occur in succession by multiplying the probabilities of each event.