QMB 3003 EXAM 2 QUESTIONS AND ANSWERS 2024

What is a sample space the set of all possible outcomes outcome is the result of the experiment What is a trial Repetitionfrom a random experiment Random experiment Has outcomesthat we cannot predict Experiments involvechanceor random results Probability Refers to a numberthat indicates the degree of likelihood ... ◦that some future event will have a particular outcome Larger number -more likely Smaller number -less likely sample point Each elementof the sample space◦also called "simple outcome" What is an event A subset of a sample space. Set operations for events E and F Union E U F= when E or F occur or both Intersection (E upsidedown U F)= when both E and F occur Complement E′: Occurs when E' does not occur What are Bernoulli Trials? These are example of "Bernoulli trials" They involve repeated trials of an experiment with only two possible outcomes: ◦heads or tails, right or wrong, yes or no We classify the two outcomes as ...◦Successor Failure What is probability distribution A table that lists all the outcomes with the corresponding probabilities The sum of the probabilities in a probability distribution must always equal 1