ProbabilityConditional probability:is a probability of two events, in condition that second event will occur when the first event has already occurredJoint Probability is the probability of two or more independent events, If all occurring together=> PaXPb, If at least one, or maybe both => PaXPb-PaXPbMutually exclusive is the probability of one events occur and the other cannot; Pa+PbThree Methods of Assigning Probable ValuesClassical Method- This method assumes that each possible outcome has an equal probability of occurringRelative Frequency Methodor 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 weuse 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
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