BUSS1020 Study Guide - Quiz Guide: Standard Deviation, Collectively Exhaustive Events, Random Variable
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+ priori and empirical are relied on an assumption of conditions, the results will necessarily skew from the predictions: subjective: probability based on combination of an individual"s past experience, personal opinion and analysis (not scientific infrequently use) Simple event: described by a single characteristic = x/t. Joint event: described by two or more characteristics (probability of event x occurring at the same time event y occurs) Complement of a: include all events that are not part of a (mutually exclusive and exhaustive) Marginal probability: consists of a set of joint probabilities. + mutually exclusive: event that cannot occur simultaneously. + collectively exhaustive: one of the event must occur/the set of events covers the entire sample (total probability is 1) Combinations: number of ways of selecting x objects from n objects irrespective of order: cn = Permutations: number of ways of arranging x objects selected from n objects in order: px = n!/(n-
