Random experiment — definition?
A repeatable process with known outcomes.
Trial — role?
Single execution producing one result.
Sample space — what?
All possible outcomes of an experiment.
Outcome — what?
A specific result from the sample space.
Event — definition?
A set of outcomes relevant to a question.
Mutually exclusive — meaning?
Events that cannot occur together.
Exhaustive events — meaning?
Events covering all possible outcomes.
Venn diagram — purpose?
Visualize relationships between events.
Subjective probability — basis?
Person’s beliefs or information.
Frequentist probability — basis?
Long-run relative frequency.
Probability axioms — purpose?
Ensure consistent probability measures.
Axiom of non-negativity — states?
Probabilities are ≥ 0.
Axiom of normalization — states?
Probability of sample space = 1.
Expected value — meaning?
Weighted average of outcomes.
Answer 14 questions on Introduction to Business Probability.
1. Which statement best describes the axiom of non-negativity in probability?
2. What is subjective probability based on?
Go over the full study guide for Introduction to Business Probability.
Read the study guide →Upload your class notes and Revizly writes your flashcards in about a minute.
Flashcard maker