# Chapter 7 Randomness and Probability.pdf - Chapter 7...

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7.1 - Random Phenomena and Probability Random Phenomena Cant predict the individual outcomes, but can hope to understand characteristics of their long-run behavior Trial - each attempt in random probability Outcome - What comes out of a trial Event - outcomes or combination of outcomes Sample Space - All possible outcomes Denoted by S or Ω Probability is the long-run prediction of what may occur Independence - The outcome of one trial does not influence or change the outcome of another Law of Large Numbers (LLN) - states that if the events are independent, then as the number of calls increases, over days or months or years, the long-run relative frequency of qualified calls get closer and closer to a single value Definition of Probability is often called empirical probability 7.2 - The Nonexistent Law of Averages The relative frequency of a random event settles down to a single number in the long run 7.3 - Different Types of Probability Model Based (Theoretical) Probability P(A) = # #\$ #%&’#()* +, - .#&/0 # #\$ #%&’#()*
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