Probability

# Probability - 1 Probability is concerned with the study of...

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1. Probability is concerned with the study of uncertain or random events. It is a numerical measure of the chance that a particular event will occur. It provides a mechanism for developing a mathematical model which enables an analysis of the uncertainties of future events. Such an analysis is important for decision making concerning these events. 2. An experiment is any process that generates well-defined outcomes. 3. A sample space consists of all outcomes of interest to the experimenter. For example, if one observes the number of foreign cars in a sample of 20, the sample space consists of 21 sample points: E 1 = (0 foreign cars observed), E 2 = (1 foreign car observed), . .., E 21 = (20 foreign cars observed). 4. Probabilities are non-negative values between 0 and 1 assigned to each sample point. The sum of the probabilities of all the sample points in the sample space must equal 1. 5. The basis for assigning probabilities to outcomes is an attempt to assign to each outcome a numerical value which reflects its likelihood of occurrence. 6. There are three methods for assigning probabilities to sample points: (1) If all outcomes are equally likely (e.g. the flip of a fair coin), the classical method assigns to each possible outcome an identical probability. (2) If evidence suggests that all outcomes are not equally likely to

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## This note was uploaded on 05/06/2011 for the course MATH 2326 taught by Professor Mr.manishsehgal during the Fall '09 term at Hawaii Pacific.

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Probability - 1 Probability is concerned with the study of...

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