April 7 - April 7 2008 Probability and distributions...

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April 7, 2008 Probability and distributions Probability o The likelihood of something happening; the number of times an event can occur divided by the times is does o The likelihood something will occur o Probability = 13/52 = .25 <- the probability of pulling any card of one suit P(ace) = 4/52 = 1/13 = .08 <- the probability of pulling an ace o Though real trials may not work out like this, the will in the long run (i.e. the house always wins) o Probability is always between 0 and 1 Calculating probability o For mutually exclusive events: The probability of A or B occurring is the sum of their individual probabilities The probability of A and B occurring is P(A) x P(B) o For non-mutually exclusive events, we need to consider their joint probability, too o The importance here is to understand that we can, in theory, calculate probability Probability distributions o With just a little information, we can calculate the probability of any event occurring o
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