Randomness Probability and Simulation

Flashcards covering key concepts from section 4.1, including probability definitions, the law of large numbers, and the law of averages.

Probability

A number between zero and one that describes the proportion of time the outcome would occur in a very large number of repetitions.

P

From now on, it stands for probability.

Law of Large Numbers

If we observe more and more repetitions of any chance process, the proportion of times that a specific outcome occurs approaches its probability.

Law of Averages

Tries to guess the outcome of an event based on what happened before, even though the events are random.