QMB-210 Lecture Notes - Lecture 9: Posterior Probability, Mutual Exclusivity, Marginal Distribution
14 Feb 2017
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Document Summary
A probability is a numerical value ranging from 0 to 1. Probability indicates the chance, or likelihood, of a specific event occurring: 1 being 100% If it is larger than 1 is not a probability. Experiment: the process of measuring or observing an activity for the purpose of collecting data, an example is rolling a single six-sided die. Sample space: all the possible outcomes, or results, of an experiment, the sample space for our single-die experiment is. Event: one or more outcomes of an experiment, the outcome, or outcomes, is a subset of the sample space, an example of an event is rolling a pair with two dice. Simple event: an event with a single outcome in its most basic form that cannot be simplified, an example of a simple event is rolling a five with a single die. Classical: used when the number of possible outcomes of the event of interest is known, formula for classical probability, example:
