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Statistical Techniques in Business and Economics 15e Chap005

# Statistical Techniques in Business and Economics 15e Chap005

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07/01/2013

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A Survey of Probability Concepts
Chapter 5

L
earning Objectives
L
O1Define
probability
.
L
O2Explain the terms
experiment, event, outcome,
L
O3Identify and apply the appropriate approach toassigning probabilities,
L
O4Calculate probabilities using the
L
O5Define the term
joint probability,
L
O6Calculate probabilities using the
rules of multiplication,
L
O7Define the term
conditional probability,
L
O8Calculate probabilities using a
contingency table
,
L
O9Calculate a probability using
Bayes¶ theorem,
L
O10Determine the number of outcomes using theappropriate principle of counting.
5-2

Probability, Experiment, Outcome, Event: Defined
PROBABILITY
A value betweenzero and one, inclusive, describingthe relative possibility (chance or likelihood) an event will occur.
An
experiment
is a processthat leads to the occurrenceof one and only one of severalpossible observations.
An
ou
tc
o
me
is the particular result of an experiment.
An
event

is the collection of one or more outcomes of anexperiment.
LO2 E
xplain

the

terms

experiment, event, outcome
5-3