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Unformatted text preview: Probability Conditional probability: is a probability of two events, in condition that second event will occur when the first event has already occurred Joint Probability is the probability of two or more independent events, If all occurring together=> Pa X Pb, If at least one, or maybe both => Pa X Pb-Pa X Pb Mutually exclusive is the probability of one events occur and the other cannot; Pa+Pb Three Methods of Assigning Probable Values Classical Method- This method assumes that each possible outcome has an equal probability of occurring Relative Frequency Method or the Objective Method When factual information is available that can be used to determine the probability of something occurring. The information may come from a sample, analytical data or any other reliable source Subjective Method we use whatever data is available and add to that data our own experience and intuition. After considering all available information, we assign a probable value that expresses our degree of belief that the...
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This note was uploaded on 08/16/2011 for the course MGMT 301 taught by Professor Hisham during the Spring '11 term at McMaster University.
- Spring '11