Ch7 Random Phenomena and Probability.pdf

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Department
Business and Management
Course
BMGT 230
Professor
Kazim Ruhi
Semester
Spring

Description
Ch7 Random Phenomena and Probability Wednesday,February 19,2014 8:24 AM Random Phenomena Random Phenomena-we can’t predict the individual outcomes,but we can hope to understand characteristics of their long-run behavior. For any Random Phenomenon,each attempt = trial. • A trail generates an outcome. • Combination of outcomes = event. • All possible outcomes = sample space. • S or ΩΩ. Probability The probability of an event is its long-run relative frequency.▯ Independence means that the outcome of one trial doesn’t influence or change the outcome of another. mutually exclusive / disjoint-no outcomes in common The Law of Large Numbers (LLN) states that if the events are independent,then as the number of trials in
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