1 Probability Lite Key Concepts

1 Probability Lite Key Concepts - Dr. Harvey A. Singer...

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© 2010 by Harvey A. Singer 1 OM 210:  Statistical Analysis for  Management Basic Probability Key Concepts Dr. Harvey A. Singer School of Management George Mason University
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© 2010 by Harvey A. Singer 2 Basic Terminology A random experiment or trial is any random process or situation that results in well-defined outcomes whose occurrences are uncertain. A random experiment or trial is any random process or situation that results in well-defined outcomes whose occurrences are uncertain. The simplest, most fundamental, possible results from any random experiment are called the basic possible outcomes or simply outcomes . An event is a collection of related outcomes. The sample space of outcomes for a random experiment is the set of all possible outcomes. The sample space of events for a random experiment is the set of all possible events.
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© 2010 by Harvey A. Singer 3 Basic Terminology Outcomes (events) are mutually exclusive of each other if and only if one outcome (event) can result from any single trial of the experiment. Applies to outcomes of a single trial. Two events are independent of each other if and only if the occurrence of one event is in no way affected by the occurrence or non-occurrence of the other. Applies to successive trials.
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© 2010 by Harvey A. Singer 4 Displaying the Sample Space Listing or “enumeration.” Tree diagram. Contingency table.
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© 2010 by Harvey A. Singer 5 Sample Space and Tree The sample space contains the is complete list of all possible outcomes. Written as S = { O 1 , O 2 , O 3 , …} where O 1 , O 2 , O 3 , … are the possible outcomes. A tree diagram is a graphic to show the sample space. S = {HH, HT, TH, TT} ** 1 st Flip 2 nd Flip S = {H, T} * H T H T H T
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© 2010 by Harvey A. Singer 6 Crosstabulation A table for listing together the sample frequency distributions of two different variables of interest. n
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This note was uploaded on 02/19/2011 for the course OM 210 taught by Professor Singer during the Spring '08 term at George Mason.

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1 Probability Lite Key Concepts - Dr. Harvey A. Singer...

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