QMS 102 Lecture Notes - Lecture 7: Almost Surely, Fair Coin, Contingency Table

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Gunawardena Egodawatte

Document Summary

In this lesson, you will learn the basics of probability. Studying probability helps us to bridge the gap between descriptive and inferential statistics. Probability is the numeric value representing the chance, likelihood, or possibility of an occurrence of a particular event. The chance of getting a head when tossing a fair coin, the possibility of raining today, the likelihood of producing a defective item in a production process. The numerical value of probability ranges from 0 to 1. Obtaining a 7 by tossing a six- sided die. A certain event has a probability of 1. Obtaining a head or a tail by throwing a fair coin. In this approach, probability is based on prior knowledge. X number of ways in which the event occurs. This is the approach used mostly in the games of chance. We know that a fair coin has two sides. If we flip the coin, we find either a head or a tail.