BUAD 310g Chapter Notes - Chapter 5: Coin Flipping, Elementary Event, Empirical Probability
27 Nov 2016
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Businesses want to be able to quantify uncertainty of future events. Random experiment : results not known in advance. May be so large that it is impractical to enumerate all possibilities. Sample space cannot be listed (e. g. heights of college students) but can be described by a rule; not restricted by defined separate values. Examples: mass of an animal at the zoo, exact winning time of the men"s. ***discrete measurement = any value in an interval. Can be numeric or categorical, best described by a rule. Can make a list of all the values, can count the values. Examples: heads/tail of a coin, year that a random student is born, number of ants born in the universe tomorrow (can count them! ), winning time of the men"s 100-meter dash rounded to the nearest hundredth. Event: subset of outcomes in a sample space. Defined with the interval : 0 p(a) 1 assumed to all occur)
