Chapter 12: Probability

22 Questions  I  By Cendy
Chapter 12: Probability
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1.    a controlled operation that yield a set of results.
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2.    the possible results of an experiment
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3.    a subcollection of the outcomes of an experiment
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4.    the relative frequency of occurrence of an event. It's determind by actual observation of an experiment. P(E) = number of times event E has occured/ number of times experiment was performed
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5.  A kind of probabiltiy that is determined through a study of the possible outcomes that can occur for the given experiment.
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6.    It states that probability statements apply in practice to a large number of trial, not to a single trial. It is the relative frequency over the long run that is accurately predictable, not individual events or precise totals.
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7.    If each outcomes of an experiment has the same chance of occurring as any other outcome
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8.    a ratio of the probability that the event will fail to occur (failure) to the probability that the event will occur ( success).
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9.    a ratio of the probability that the event will occcur to the probability that the event will fair to occur.
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10.    is often used to determine the expected results of an experiment or business venture over the long term. It's also used to predict the expected gain or loss in games of chance such as the lottery, roulette, craps, and slot machines.
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11.  It is a term commonly used in business accounting, although it is sometimes borrowed by personal finance professionals. It is often used interchangeably with net income. The personal finance definition of it refers to the income left over after taxes have been deducted, often called take-home pay. The accounting definition is a bit more complex and refers to a company’s profit after the cost of doing business and all other expenses, both tangible and intangible, have been deducted.
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12.    the amount to be paid that will result in an expected value of $0.
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13.    a list of all the possible outcomes of an experiment
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14.    each individual outcome in the sample space
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15.    to determine sample spaces. It illustrating all the possible outcomes when a coin is tossed and a die is rolled has two initial branches, one for each possible outcome of the coin.
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16.    a problem that contain the words and or or without constructing a sample space.
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17.    It requires obtaining a “successful” outcome for at least one of the given events.
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18.    It requires obtaining a favorable outcome in each of the given events.
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19.    it happens if the occurrence of either event in no way affects the probability of occurrence of the other event.
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20.    That problems will almost always contain the word or in the statement of the problem.
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21.    that problems often do not use the word and in the statement of the problem.
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22.    In general, the probability of event E2 occurring, given that an event E1 has happened (or will happen; the time relationship dose not matter). It's written P (E2/E1)
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