Quantitative Analysis- Module 2

Probability values range from...

zero to one

A numerical value that measures the likelihood of an uncertain event is a ______.

probability

[1,2,3,4,5,6]

sample space

Assume the sample space S = {win, loss}. Which numbers define valid probabilities?

P({win}) = 0.8, P({loss}) = 0.2

With probability, a value of one indicates a ___ event.

Definte/certin

Which of these formulas is a factorial?

n!

The sum of the probabilities of any list of mutually exclusive and exhaustive events equals

1

XYZ corp. has filed 100,000 purchase orders during its existence. 1,100 of the purchase orders have had errors. Using an empirical probability, the probability of the next purchase order that XYZ processes having an error is _________.

1.1%

When rolling a pair of dice and summing the two values rolled, which of the following are exhaustive events?

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.

Events that cannot both occur on the same trial of an experiment are mutually ___ events.

exclusive

True or false: 0! = 0.

False

How many outcomes of an experiment constitute a simple event?

One

Which of the following events are mutually exclusive?

Receiving an 'A' and receiving a 'B+' as a final grade in an Accounting class. Being on time and being late for an appointment.

If an event is getting a letter grade of A in your statistics class, what is the complement of receiving an A?

Receiving any grade except an A.

The union of two events A and B, denoted A∪B, contains

all outcomes in A or B

The complement of event A within the sample space S contains

all outcomes in S that are not in A.

The intersection of events A and B, denoted A∩B, contains

all outcomes that are in A and B.

observe an even number

an event

Rolling a die

an experiment

Mutually exclusive and exhaustive events

contain all outcomes in an experiment and do not share common outcomes.

A subset of the sample space is called a/an

event

The ___formula is used to determine the number of possible ways to arrange n items when there are no groups.

factorial

n! denotes a

factorial

The sum of the probabilities of a list of mutually exclusive and exhaustive events is...

one

getting a 6

an outcome

Events that include all outcomes in the sample space are known as ___ events.

exhaustive