BNAD 276 Lecture Notes - Lecture 4: Venn Diagram, Sample Space, Empirical Probability

• School: University of Arizona
• Department: Business Administration
• Course: BNAD 276
• Professor: brentmarinan

Document Summary

Numerical value that measures the likelihood than an uncertain event occurs. Value of probability between zero and one. Trial that results in one of several outcomes. Example: probability of winning a medal in a competition in the olympics. Solution: the athlete"s attempt to predict her changes in medaling is an experiment because the outcome is unknown. Four possible outcomes: gold, silver, bronze, and no medal. We write the sample space as s={gold, silver, bronze, no medal} Denoted as s , of an experiment includes all possible outcomes of the experiment. Example: a sample save containing letter grades. A, b, c, d are the event passing grades . F is the simple event failing grades . If all outcomes are included in the events. Only outcomes for the olympics for a single competition are medaling or not medaling. If they do not share any common outcome of a random experiment.