BAN 001 Chapter Notes - Chapter 3: Sample Space, Fair Coin

• School: Hofstra University
• Department: Business Analytics
• Course: BAN 001
• Professor: John Affisco

Document Summary

Outcomes all the results of an experiment which are of interest are called outcomes. Sample space the totality of all outcomes of an experiment is called the sample space and is denoted by s. Event an event is a set of outcomes. An event is said to have occurred if an experiment results in any outcome that is an element of the event. Outcomes of interest (h,h), (h,t), (t,h), (t,t) Sample space s = {(h,h), (h,t), (t,h), (t,t)} Define event a as getting heads on the first toss. Event a is said to have occurred if on any one trial of the experiment either (h,h) or (h,t) is the resulting outcome. That is, only one of the outcomes that compose event a need to occur for the event to occur. Based on a given experiment we assume the existence of a function p that assigns a number p(e) to each event e in a sample space.