Business Statistics - Chapter 4 - Basic Probability Flashcards
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| 9628010562 | Priori Classical Probability | Objective probability, obtained from prior knowledge of the process. | 0 | |
| 9628014373 | Empirical Classical Probability | Objective probability, obtained from the relative frequency of occurrence of an event. | 1 | |
| 9628020207 | Subjective Probability | Probability that reflects an individual's beliefs that an event will occur. | 2 | |
| 9628023449 | Random Experiment | A precisely described scenario that leads to an outcome that cannot be predicted with certainty. | 3 | |
| 9628029400 | Sample Space | Collection of all simple events of a random experiment. | 4 | |
| 9628031278 | Complement | All simple outcomes not in an event. | 5 | |
| 9628034042 | Contingency Table Probability | Represents a sample space for joint events classified by two characteristics; each cell represents the joint event satisfying given values of both characteristics. | 6 | |
| 9628043808 | Venn Diagram | Graphical representation of a sample space; joint events shown as 'unions' and 'intersections' of circles representing simple events. | 7 | |
| 9628049531 | Marginal Probability | Probability of an event describe by a single characteristic. | 8 | |
| 9628055146 | Joint Probability | Probability of an occurrence described by two or more characteristics. | 9 | |
| 9628062141 | Mutually Exclusive | Two events that cannot occur simultaneously. | 10 | |
| 9628064153 | Collectively Exhaustive | Set of events such that one of the events must occur. | 11 | |
| 9628075863 | Conditional Probability | Probability of an event, given information on the occurrence of a second event. | 12 | |
| 9628077560 | Decision Tree | Graphical representation of simple and joint probabilities as vertices of a tree. | 13 | |
| 9628079924 | Statistical Independence | The occurrence of an event does not affect the occurrence of a second event. | 14 | |
| 9628081865 | General Multiplication Rule | Used to calculate the probability of the joint event A and B. | 15 | |
| 9628085655 | Multiplication Rule for Independent Events | Used to calculate the probability of the joint even A and B when A and B are independent. | 16 | |
| 9628089194 | Bayes' Theorem | Revises previously calculated probabilities when new information becomes available. | 17 | |
| 9628098563 | Permutation | Ordered selection of items. | 18 | |
| 9628099293 | Combination | Unordered selection of items. | 19 |