Unit 4 Summer Review: Probability, Random Variables, and Probability Distributions - Part 1

Vocabulary flashcards covering basic probability rules from a stats lecture.

Random Process

A process that generates results that are random or unknown and determined by chance.

Outcome

The result of a random process.

Event

A collection of outcomes from a random process.

Probability

Quantifying the uncertainty in a random process.

Long Run Relative Frequency

One viewpoint of probability; the number of times an outcome occurs divided by the total number of repetitions ran after a large number of repetitions of a random process.

Law of Large Numbers

Simulated probabilities tend to get closer to the true probability the more trials we perform.

Simulation

Using numbers to represent customers to find the estimated probability.

Sample Space

A list of all non-overlapping outcomes of a chance process.

Complement of an Event

The event does not happen; calculated as one minus the probability that the event will happen.

Joint Probability

The probability of event A AND event B occurring; also known as the probability that both events A and B occur at the same time.

Disjoint/Mutually Exclusive

Two events that cannot happen at the same time; the probability of A and B is zero.

Union of Event A and Event B

The probability of event A OR event B occurring.

Conditional Probability

The probability of event A occurring given that event B has already or will occur.

Addition Rule

Used to find the probability of A or B: P(A or B) = P(A) + P(B) - P(A and B).

Multiplication Rule

Used to find the probability of A and B: P(A and B) = P(A) * P(B|A).

Independent Events

Two events, A and B, are independent if knowing that event A has occurred does not change the probability that event B will occur. P(A) = P(A|B) and P(B) = P(B|A).