Home > Preview
The flashcards below were created by user
Emilybillet
on FreezingBlue Flashcards.

What is the rare event rule?
If, under a given assumtion, the probability of a particular observed event is extremely small, we conclude that the assumtion is probably not correct.

What is the defintion of an event?
Any collection of results or outcomes of a procedure.

What is the defintion of A simple event?
An outcome or an event that cannot be further bronken down into simpler components.

What is the defintion of the sample space?
A procedure consists of all possible simple events.

P denotes what?
a Probabilty.

What do A, B, and C denote?
Specific events.

What does P(A) denote? ( said "P of A)
The probability of event "A" occuring.

What is the the Relative Approximation of Probability?

What is the Classical Approach to Probability?

What is Subective Probabilities?
P(A), the probability of event A, is estimated by using knowledge of the relevant circumstances.

The probability of an impossible event is?
0

The probability of an event that is certain to occur is?
1

For any event A, the probability of A is between?
0 and 1 inclusive. that is,

Denotes what?
The complement of event A

The probability of can be found by using the formula?

How is an unusual event characterized?
an unusual event is one that is unlikely to occur

What is the Complement of event A?
The complement of event A consits of all outcomes in which even A does not occur.

What is the rule for rounding off probabilities?
Either keep it an exact fraction or decimal, or round off final answer to 3 significant digits. (All digits are significant except for the zeros)

What is the defintion of "actual odds in against?"
 The actual odds against event A occuring are the ratio , usually expressed in form of a:b(or "a to b"), where a and b are integers with no common factors

What is the defintion of "actual odds in favor?"
The actual odds in favor of event A occuring are the ratio: , which is the reciprical of actual odds against that event. If the odds against A are a:b, then the odds in favor are b:a.

What is the definition of the "Payoff Odds?"
The payoff odds against event A occruing are the ratio of et profit (if you win) to the amount bet.
payoff odds against event A= (net profit):(amount bet)

What is the definition of a compound event?
A compund event is any event combining two or more simple events

What is the notation for Additon Rule?
P(A or B)= P(in a single trial, event A occurs or event B occurs or they both occur)

When using the addition rule, always be careful to avoid what?
Counting outcomes more then once.

What is the Formal Addition Rule?
 P(A or B) = P(A) + P(B)  P(A and B)
 where P(A and B) denotes the probability that A and B both occur at the time as an outcome in a trial of a procedure

What is the Intuitive Addition Rule?
To find PA or B), find the sum of the number of ways event A can occur and the number of ways that event B can occur, adding in such a way that every outcome is counted only once. P(A or B) is equal to that sum, divided by the total number of outcomes in the sample space

What is the definition of Disjointor Mutually Exclusive.
Events A and B are disjoint (or mutually exclusive) if they cannot occur at the same time. (That is, disjoint events do not overlap)

Are A and disjoint?
Yes

What are the Rules of Complementary Events?

