BUSS1020 Lecture Notes - Lecture 4: Mutual Exclusivity, Black Cards, Collectively Exhaustive Events
18 Jul 2018
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Document Summary
The principles of probability help bridge the worlds of descriptive statistics and inferential statistics. In all these instances, the probability involved is a proportion or fraction whose value ranges between 0 and 1, inclusive (cannot be negative or more than 1). An event that has no chance of occurring (the impossible event) has a probability of 0. An event that is sure to occur (the certain event) has a probability of 1. There are three types of probabilities: priori, empirical, subjective. In the simplest case, where each outcome is equally likely, the chance of occurrence of the event is defined in equation (1). In a priori probability, the probability of an occurrence is based on prior knowledge of the process involved. Consider a standard deck of cards that has 26 red cards and. The probability of selecting a black card is 26/52 = 0. 50 because there are x = 26 black cards and t = 52 total cards.
