CBAD Statistics 2 | Study
Guide, Practice Questions
& Exam Review
|Guaranteed success|
, Terms in this set (156)
Chapter 5: Observational process whose results cannot be known in advance
Random experiment
Chapter 5: the set of all possible outcomes
Sample space
Chapter 5: Subset of outcomes in the sample space
Event
Chapter 5: an elementary event, a single outcome
Simple event
Chapter 5: likelihood that a particular event will occur
Probability
Chapter 5: Empirical; estimated from observed outcome frequency, example there's a
Three views of probability and their meaning 3.2% chance of twins in a randomly chosen birth
classical; known a prioriti by the nature of the experiment, example there is a
50% chance of heads on a coin flip
subjective; based on informed opinion or judgment, example there is a 60%
chance that Toronto will bid for the 2024 winter Olympics
Chapter 5: Event cannot occur
P(A)=0
Chapter 5: event is certain to occur
P(A)=1
Chapter 5: use deduction to determine P(A)
Classical approach
Chapter 5: probability is needed when there's no repeatable random experiment
Subjective approach
for example what is the probability that Fords new supplier of plastic fasteners
will be able to meet the September 23 shipment deadline or what is the
probability that a new truck product program will show a return on investment
of at least 10%, or what is the probability that the price of Forte stock will raise
within the next 30 days
Chapter 5: probability reflects someone's informed judgment about the likelihood of an
Subjective event
Guide, Practice Questions
& Exam Review
|Guaranteed success|
, Terms in this set (156)
Chapter 5: Observational process whose results cannot be known in advance
Random experiment
Chapter 5: the set of all possible outcomes
Sample space
Chapter 5: Subset of outcomes in the sample space
Event
Chapter 5: an elementary event, a single outcome
Simple event
Chapter 5: likelihood that a particular event will occur
Probability
Chapter 5: Empirical; estimated from observed outcome frequency, example there's a
Three views of probability and their meaning 3.2% chance of twins in a randomly chosen birth
classical; known a prioriti by the nature of the experiment, example there is a
50% chance of heads on a coin flip
subjective; based on informed opinion or judgment, example there is a 60%
chance that Toronto will bid for the 2024 winter Olympics
Chapter 5: Event cannot occur
P(A)=0
Chapter 5: event is certain to occur
P(A)=1
Chapter 5: use deduction to determine P(A)
Classical approach
Chapter 5: probability is needed when there's no repeatable random experiment
Subjective approach
for example what is the probability that Fords new supplier of plastic fasteners
will be able to meet the September 23 shipment deadline or what is the
probability that a new truck product program will show a return on investment
of at least 10%, or what is the probability that the price of Forte stock will raise
within the next 30 days
Chapter 5: probability reflects someone's informed judgment about the likelihood of an
Subjective event
