BUSS1020 Lecture Notes - Lecture 4: Empirical Probability, A Priori And A Posteriori, Sample Space

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1020
• Professor: All

Document Summary

Probability: the chance of an uncertain event occurring between 0-1: impossible: p(x)= 0, certain: p(x)= 1. Events are each possible outcome of a variable: simple event, single characteristic, e. g. customer purchases products. Joint event: 2+ characteristics, e. g. customer purchases products and pays more than , complement of event a (cid:523)a(cid:495)(cid:524)= all events not part of a. Sample space: the collection of all possible events. P(purchase)- in contingency table, just add the whole row/column. P(purchase and paid>100)- in contingency table^, only one of the grid squares. Note: several joint probabilities added together make the simple probability (p(a and b1)+ p(a and b2)= p(a)) E. g. randomly choosing a day from 2013 (if a is a day from jan and b is a day from. One of the events must occur (such as in binomial) The set of events covers entire sample space.