Key Terms
A value between zero and one, inclusive, describing the relative possibility an event will occur
Probability
A process that leads to the occurrence of one and only one of several possible results
Experiment
Using the following information, what is the probability that a Finance student is randomly selected?
MAJOR # OF STUDENTS
Accounting 5
Finance 12
Management 8
Marketing 15
TOTAL 40
0.30
A coin is tossed 2 times. What is the probability the coin will land on tails both times?
0.25
Describe a Probability Line
An _______ is a particular result of an experiment; a collection of one or more of these is an _____.
Outcome; Event
Using the following information, what is the probability that a student NOT majoring in Marketing is randomly selected?
MAJOR # OF STUDENTS
Accounting 5
Finance 12
Management 8
Marketing 15
TOTAL 40
0.625
A dice is rolled 4 times. What is the probability that a 2 will be rolled all 4 times?
.0008
The likelihood of a particular event happening that is assigned by an individual based on whatever information is available
Subjective concept of probability
Max flips a coin 100 times. He gets heads 47 times and tails 53 times. He says that the probability of getting heads is 0.47. What type of probability is he using?
Empirical Probability
Using the following information, what is the probability that a Finance or Management student is randomly selected?
MAJOR # OF STUDENTS
Accounting 5
Finance 12
Management 8
Marketing 15
TOTAL 40
0.5
Charlie has 5 Halloween decorations, and 3 spots in his yard where he can place them. How many different ways can he arrange 3 decorations in his yard?
60