HA201_Prelim1Review - H ADM 201 Prelim 1 Review Agenda 1....

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H ADM 201 Prelim 1 Review
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HA 201 Prelim 1 Review Agenda 1. Probability strategies 2. Decision making 3. Random variable 4. Probability Distributions 5. Statistical Analysis Scheme 6. Exercises
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HA 201 Prelim 1 Review Notation Event E={…} A set of outcomes within all possible outcomes Sample Space S or SS The set of all possible outcomes Null Set {} or ø All events for which p=0 Intersection An event containing all outcomes common to many events Union An event containing all outcomes of other events Complement An event containing all outcomes not included in an event 2 1 0 E E E = 2 1 0 E E E = ' ... ... 1 0 E or E
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HA 201 Prelim 1 Review Definitions Probability p Number between 0 and 1 denoting likelihood an event occurs Conditional Probability The probability an event happens when other event has happened Independence When the occurrence of an event does not change the likelihood of another event happening
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HA 201 Prelim 1 Review Key Words Intersection AND, ALSO, THAT, IS Union OR, EITHER, NOR, NEITHER Complement NOT Conditional GIVEN, IF
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HA 201 Prelim 1 Review Examples Flight is booked and the passenger gets dumped P(BnD) The flight is booked or the passenger gets dumped P(BuD) Given the flight is overbooked…. If the flight is overbooked… My flight is overbooked, what is the probability I get dumped P(D|B)
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HA 201 Prelim 1 Review 1-Definitions: Random Variables Random variable A function that assigns a number to all possible outcomes Discrete Finite number of values over a finite interval Continuous Infinite number of values over a finite interval Expected value E(X) The long term average, weighted average Variance σ 2 The weighted average squared distance from the mean Standard Deviation σ The average distance away from the mean values fall in
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HA 201 Prelim 1 Review 1-Definitions: Standard Dev
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HA 201 Prelim 1 Review 1-Definition: Random Variables Covariance Cov(X,Y) A measure of how much two random variables vary in relation to each other Correlation ρ(X,Y) A standardized covariance that ranges from -1 to 1, and indicates the strength of a linear relationship between two
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HA201_Prelim1Review - H ADM 201 Prelim 1 Review Agenda 1....

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