AP Notes, Outlines, Study Guides, Vocabulary, Practice Exams and more!

Business Statistics - Chapter 4 - Basic Probability Flashcards

Terms : Hide Images
9628010562Priori Classical ProbabilityObjective probability, obtained from prior knowledge of the process.0
9628014373Empirical Classical ProbabilityObjective probability, obtained from the relative frequency of occurrence of an event.1
9628020207Subjective ProbabilityProbability that reflects an individual's beliefs that an event will occur.2
9628023449Random ExperimentA precisely described scenario that leads to an outcome that cannot be predicted with certainty.3
9628029400Sample SpaceCollection of all simple events of a random experiment.4
9628031278ComplementAll simple outcomes not in an event.5
9628034042Contingency Table ProbabilityRepresents a sample space for joint events classified by two characteristics; each cell represents the joint event satisfying given values of both characteristics.6
9628043808Venn DiagramGraphical representation of a sample space; joint events shown as 'unions' and 'intersections' of circles representing simple events.7
9628049531Marginal ProbabilityProbability of an event describe by a single characteristic.8
9628055146Joint ProbabilityProbability of an occurrence described by two or more characteristics.9
9628062141Mutually ExclusiveTwo events that cannot occur simultaneously.10
9628064153Collectively ExhaustiveSet of events such that one of the events must occur.11
9628075863Conditional ProbabilityProbability of an event, given information on the occurrence of a second event.12
9628077560Decision TreeGraphical representation of simple and joint probabilities as vertices of a tree.13
9628079924Statistical IndependenceThe occurrence of an event does not affect the occurrence of a second event.14
9628081865General Multiplication RuleUsed to calculate the probability of the joint event A and B.15
9628085655Multiplication Rule for Independent EventsUsed to calculate the probability of the joint even A and B when A and B are independent.16
9628089194Bayes' TheoremRevises previously calculated probabilities when new information becomes available.17
9628098563PermutationOrdered selection of items.18
9628099293CombinationUnordered selection of items.19

Need Help?

We hope your visit has been a productive one. If you're having any problems, or would like to give some feedback, we'd love to hear from you.

For general help, questions, and suggestions, try our dedicated support forums.

If you need to contact the Course-Notes.Org web experience team, please use our contact form.

Need Notes?

While we strive to provide the most comprehensive notes for as many high school textbooks as possible, there are certainly going to be some that we miss. Drop us a note and let us know which textbooks you need. Be sure to include which edition of the textbook you are using! If we see enough demand, we'll do whatever we can to get those notes up on the site for you!