Session 11: Probability Concepts and Applications

What is Sample space?

A collection of all possible outcomes of a random experiment

What is a joint probability?

A joint probability is a probability that two or more events can occur simultaneously.

What are collectively exhaustive events?

A set of events is collectively exhaustive when it includes all the outcomes (samples) that could occur in an experiment.

For 2 mutually exclusive events A and B, are they independent events?

No, unless the probability of one of the events is zero.

What is an event?

Event is a subset of the sample space

What is Subjective Probability?

It is an estimate based on personal belief, experience or knowledge of a situation.

What is Relative Frequency Probability

It is based on observation of past occurrences (after the occurrence)

For collectively exhaustive events, does the sum of probabilities of these events equal to 1?

No, it must be both collectively exhaustive & mutually exclusive for the sum of all probabilities to be equals to 1.

What is the formula for conditional probability?

P(A|B) = P(A n B) / P(B)

What are statistically dependent events?

The occurrence of one event (B) affects the probability of the occurrence of some other event (A)

What are mutually exclusive events?

Two or more events are mutually exclusive if only one of the events can occur at a time. Cannot occur simultaneously