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=> P
a
X
P
b
,
If at least one, or maybe both => P
a
X
P
b
P
a
X
P
b
Mutually exclusive
is the probability of one events occur and the other cannot; P
a
+P
b
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
W
hen 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
This is the end of the preview.
Sign up
to
access the rest of the document.
 Spring '11
 Hisham
 Normal Distribution, Standard Deviation, Variance, Probability theory, probability conditional probability

Click to edit the document details