Events
When one event occurs if and only if the other doesn't take place.
Complementary events
E/S
Probability
The likelihood of something happening or being the case.
Probability
Probability theory is used in every field to assess the risk associated with a particular what?
Decision
This usually has 6 sides and there has a 1/6 chance of landing on any given side.
Dice
Events in which the outcome of an event is affected by the outcome of some other event.
Dependent events
The following formula is an example of:
0.5 × 0.5 = 0.25
Compound event
A procedure that results in well-defined outcomes.
Experiment
This investigates the probabilities associated with a random phenomenon.
Probability Theory
This is assessed by how likely it is that there will be rain, snow, clouds, etc. on a given day in a certain area.
Weather
Events in which the outcome of one event is unaffected by the outcome of another event.
Independent events
S = ?
Sample Space
Any possible result contained in a sample space.
Outcome
These individuals use the probability theory to spend money in the least risky asset which gives the best returns.
Investors
Probability is used in this example to predict the chances that certain candidates will win various elections.
Politics
This includes two or more simple events.
Compound Events
In probability the E represents?
The Event whose probability we seek.
One in which it is not possible to determine which exact outcome will occur.
Random experiment
This theorem can be used to rate the risk of lending money to potential borrowers.
Bayes' Theorem
These companies often use probability to determine how likely it is that certain individuals will spend a certain amount on medical expenses each year.
Health Insurance
An event that has only one outcome.
Simple Events
P(A) + P(AC) = 1
Complementary events
Any repetition in an experiment.
Trial
This type of business uses probability theory to design a game of chance so as to make profits.
Casinos
These are designed to determine whether a new treatment for a disease, a new drug, or a new surgical procedure is better than a standard treatment.
Clinical Trials