Day 5 Probability

1. Probability - represents the likelihood or chance of an event happening, often

quantified as a value between 0 and 1, where 0 signifies impossibility and 1
denotes certainty, serving as a fundamental concept in assessing uncertainty and
risk in various fields.
2. Outcome - refers to the result or consequence of a single trial within a random
experiment, embodying one of the potential occurrences or possibilities that may
manifest, crucial for understanding the spectrum of potential outcomes within a
given scenario.
3. Event - In the domain of probability, an event encompasses a specific outcome
or a collection of outcomes in a probability experiment, providing a structured
framework for analyzing and quantifying uncertainty and randomness in diverse
situations.
4. Experiment - An experiment is a systematic procedure devised to observe
random events and gather empirical data, serving as a foundational tool for
investigating and understanding the principles of probability and randomness in
various scientific, practical, and theoretical contexts.
5. Sample Space: The sample space encompasses the entirety of all possible
outcomes that could arise from a given probability experiment, establishing the
groundwork for evaluating and interpreting the likelihood of different events
occurring within a particular scenario.
6. Random: Randomness denotes the inherent absence of pattern or predictability
in a set of outcomes or events, highlighting the intrinsic uncertainty and
variability that characterize probabilistic phenomena across diverse domains and
applications.
7. Trial - A trial denotes a singular iteration or instance within a probability
experiment, providing an opportunity to observe and record outcomes, thereby
contributing to the cumulative understanding and analysis of the underlying
probability distribution.
8. Independent - Independent events are those whose outcomes are unaffected
by the occurrence or outcome of other events, enabling analysts to evaluate the
probabilities of individual events separately without consideration of potential
dependencies or influences.
9. Dependent - events are those where the outcome of one event is contingent
upon or influenced by the occurrence or outcome of another event, necessitating
an understanding of the interrelationships between events for accurate
assessment of probabilities.
10. Mutually Exclusive - Mutually exclusive events are events that cannot occur
simultaneously, with the occurrence of one event precluding the possibility of the
 other event happening concurrently, playing a pivotal role in delineating the
boundaries and possibilities within a probability space.
11. Complement - The complement of an event comprises all outcomes not
encompassed by the event itself, providing a complementary perspective that
facilitates comprehensive analysis and evaluation of probabilities by considering
the entirety of potential outcomes beyond those explicitly defined.
12. Probability Distribution - A probability distribution delineates the probabilities
associated with each possible outcome within a given probability experiment or
scenario, serving as a mathematical framework for quantifying uncertainty and
modeling the likelihood of different events across diverse applications.
13. Fair - An event is considered fair when all possible outcomes are equally likely to
occur, embodying a foundational principle in probability theory that ensures
equitable treatment of different outcomes within a given context.
14. Biased - A biased event is one in which certain outcomes are more likely to
occur than others, deviating from the principle of fairness and introducing
asymmetry or unequal probabilities among potential outcomes within a
probability space.
15. Experimental Probability: Experimental probability is derived from empirical
observations or data collected through actual experiments, offering a practical
estimate of the likelihood of various outcomes based on real-world evidence and
empirical observations.
16. Theoretical Probability - Theoretical probability is calculated based on
mathematical principles and assumptions, providing a theoretical framework for
assessing probabilities that serves as a fundamental basis for comparison with
empirical observations and experimental results.
17. Odds - Odds represent the ratio of the probability of success to the probability of
failure for a given event, offering an alternative perspective on probability that
quantifies the relative likelihood of favorable outcomes relative to unfavorable
outcomes.
18. Equally - Likely: Events are deemed equally likely when each possible outcome
possesses the same probability of occurring, indicating a uniform distribution of
probabilities across all potential outcomes within a given probability space.
19. Conditional Probability - Conditional probability measures the likelihood of an
event occurring given that another event has already occurred, providing insights
into the interdependencies and conditional relationships between events within a
probabilistic framework.
20. Expected Value - The expected value, also known as the mean or average,
represents the anticipated outcome of a random experiment calculated by
multiplying each possible outcome by its probability and summing the products,
serving as a central measure of tendency that encapsulates the probabilistic
nature of the experiment.