MEOW

Probability

A measure of the likelihood of an event occurring, expressed as a number between 0 and 1.

Classical Probability

Probability based on theoretical arguments, such as rolling a 7 with two dice.

Sample Space

The collection of all possible outcomes of an experiment.

Combination

A selection of items where order doesn't matter.

Independent Events

Events where the occurrence of one doesn't affect the probability of the other.

Permutation

An arrangement of items where order matters.

Conditional Probability

The probability of an event occurring given that another event has already occurred.

Joint Probability

The probability of two events occurring together.

Relative Frequency Definition

Probability based on empirical data, such as past occurrences.

Marginal Probability

The probability of an event occurring irrespective of other events.

Event

A collection of outcomes, such as rolling a 7 or 11 with dice.

Subjective Probability

Probability based on judgment or personal belief.

Experiment

Any process that results in an outcome, like rolling dice.

Two Key Rules of Probability

Probabilities are between 0 and 1, and the sum of all probabilities is 1.

Outcome

The result observed from an experiment.

Probability of an Event

The sum of probabilities of its outcomes.

Crystal Ball

A metaphor for probability predicting the likelihood of outcomes.

Probability of 0

An event is impossible.

Finite Sample Space

A sample space with a limited number of outcomes, like dice rolls.

Probability of 1

An event is certain.

Infinite Sample Space

A sample space with unlimited outcomes, like stock market changes.

Probability of Independent Events

The product of their individual probabilities.

Probability of Rolling a 7

An example of classical probability using dice.

Probability of 10% Chance of Rain

0.1.

Probability in Business

Helps assess the chances of success for new products or projects.

Probability of Rolling Two Dice

Sums can range from 2 to 12.

Probability in Surveys

Used to determine joint and marginal probabilities.

Probability of Respondent Being Female

An example of marginal probability.