STT 201 Study Guide - Final Guide: Empirical Probability, Mutual Exclusivity, Collectively Exhaustive Events
20 Jul 2019
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Stt 201 lecture 64 events example observe an even number, more than 13 board members are over 60. Three ways to assign probability classical, empirical, subjective concept of probability. Assumption that the outcomes of an experiment are equally likely. Ex: the probability of rolling even number on die is 3/6. Probability of event happening is fraction of the time similar events happened in the past. Based on the law of large numbers. Larger # of observations provides a more accurate estimate of probability. A space shuttle exploded for the second disaster in 123 missions. What is the probability that a future mission is successful. Likelihood of particular event happening that is assigned by an individual based on the info available. Used if there is little or no pat experience or info to base a probability. Ex: estimating likelihood patriots will play in superbowl next year. Estimating likelihood you will be married before 30.
