STT 201 Study Guide - Final Guide: Empirical Probability, Sample Space, Random Variable
20 Jul 2019
School
Department
Course
Professor
Document Summary
The one time probability estimation of an event by the personal degree of belief of the happening of an event. Example probability of a stock going up the next day. The experiment cannot be repeated therefore the relative frequency approach cannot be used. Unconditional chance the problem puts no conditions on the first card conditional chance the problem puts conditions on the first card. The chance that two things will both happen equals the chance that the first will happen, multiply by the chance that the second will happen given the first has happened. Probabilist is a mathematician who specializes in computing the probabilities of complex events mutually exclusive. Events that cannot occur at the same time. The occurrence of one prevents the occurrence of the other: one excludes the other. Ex: cards, penny can"t overlap can"t happen at the same time.
