BUSI 1450U Chapter Notes - Chapter 6: Black Cards, Sample Space, Statistical Inference
Document Summary
Basic probability calculations: probability the likelihood or chance that an event will occur, there is always a degree of uncertainty or risk in making a final decision. Probability theory provides a method to analyze this uncertainty and to compare the risks: applications of probability include, decision making when risk is involved. Inferential statistics as a way to quantify sampling error. A probability of +1 represents something that is certain to occur. Excel: combinations and permutations: a) =combin(n,k) in this case (10,2, b) =permut(n,k) in this case (10,2) Minitab: combinations and permutations: calc / calculator, combinations (10, 2, permutations (10, 2) Table outcomes: another technique for finding the numbers needed for a basic probability calculation, depict every possible outcome in a table format. Inspecting the table, identify and count all the cases that belong to the numerator and denominator of the p(a) formula. Contingency tables: a contingency table is a two way frequency table.
