ORMS 3310
Probability values range from
zero to one.
A numerical value that measures the likelihood of an uncertain event is a
probability
A(n) ______ of an experiment contains all possible outcomes of the experiment.
sample space
A probability based on personal judgment rather than on observation or logical analysis is best referred to as a(n)
subjective probability.
The addition rule for two events A and B is
P(A) + P(B) - P(A∩B)
The complement rule with respect to event A is
P(A^C) = 1 - P(A)
Assume the sample space S = {win, lose}. Which numbers define valid probabilities?
P(win) = 0.8, P(lose) = 0.2
Kareem is trying to decide which college to attend full time next year. Kareem believes there is a 55% chance that he will attend State College and a 33% chance that he will attend Northern University. The probability that Kareem will attend either State or Northern is
0.88
Suppose you have flipped a fair coin 10 times and all 10 flips have come up tails. What does the law of large numbers indicate will happen?
After many more flips, the empirical results will approach 50% heads and 50% tails.
What assumption is made with classical method of determining probabilities?
All outcomes are equally likely.
The relative frequency of an event is used to calculate what type of probability
An empirical probability
The conditional probability of A given B is calculated by dividing the probability of intersection of A and B by the probability of
B.
Quantitative variables can be summarized in a contingency table by doing which of the following?
Create categories for the quantitative variables.
Which one of the following words is associated with the union of two events?
Or
Which method(s) can be used to help implement the total probability rule? Select all that apply.
Tabular method. A probability tree
When considering the union of two events, A and B, which ones of the following would be included? Select all that apply.
The outcomes that form event A. The outcomes that are in both events A and B. The outcomes that form event B.
Which of the following is an example of a conditional probability?
The probability that Lisa passes the test, given that she attends class and does the homework.
If an experiment is selecting a card from a deck of cards, then the sample space is
all the cards in the deck.
A probability based on logical analysis rather than on observation or personal judgment is BEST referred to as a(n):
classical probability.
The total probability rule is used to compute the probability of an event by using
conditional probabilities. joint probabilities.
Mutually Exclusive and Exhaustive events
contain all outcomes in an experiment and do not share common outcomes.
Mutually exclusive events
do not share common outcomes of the experiment.
A subset of the sample space is called a/an
event
Using the multiplication rule, the probability that event A and event B both occur is computed by multiplying the conditional probability of event A given event B by the probability of
event B.
If two events do not influence each other, then the events are ______ events.
independent
Based on past data, the probability that a new hire at Company XYZ will be successful is 0.70. The company has started using an applicant screening test. Given the applicant scores well on the test, the probability the new hire will be successful is 0.70. The events 'new hire being successful' and 'applicant scoring well' are
independent.
The probability that a customer will purchase a product is 0.20. The probability that a customer is a male is 0.5. The probability that a customer is a male and will purchase a product is 0.10. The events purchasing a product and being a male are
independent. Reason: Independent since P(A) × P(B) = 0.15 × 0.5 = 0.075 = P(A ∩ B)
The fact that an empirical probability will approach the classical probability if an experiment is conducted many times is known as the
law of large numbers.
The values shown in the last row (Total) or last column (Total) of a joint probability table are called
marginal probabilities.
A softball coach believes that Laurie has a 0.25 probability of getting a hit against a particular pitcher that Laurie has never batted against before. What method was used to assign this probability?
subjective probability.
If two events are independent, then the probability that both events occur equals
the product of the individual probabilities.
The addition rule is used to calculate
the union of two events.
For any given event, the probability of that event and the probability of the complement of the event must sum to
1.0
When constructing a joint probability table, the cell in the lower right corner must always equal
1.0
Events that include all outcomes in the sample space are known as ______ events.
exhaustive
A trial, or process, that produces several possible outcomes is referred to as a(n)
experiment
The values shown in interior of a joint probability table (not the last rows or columns) are called
joint probabilities.
The relative frequency of an event is used to calculate what type of probability?
An empirical probability
When rolling a pair of dice and summing the two values rolled, which of the following are exhaustive events? Select all that apply.
An even number and an odd number. A sum of 7 or more and a sum of 6 or less. A sum of 6 or more and a sum of 8 or less.
Which of the following is NOT an example of an experiment?
Determine a historical fact such as the name of the U.S. President in the year 1856.
How many outcomes of an experiment constitute a simple event?
one
The sum of the probabilities of a list of mutually exclusive and collectively exhaustive events is
one
