PROBABILITY DISTRIBUTION
In the world of statistics, we are introduced to the concept of probability. On page 146 of our text, it defines probability as "a value between zero and one, inclusive, describing the relative possibility (chance or likelihood) an event will occur" (Lind, 2012). When we think about how much this concept pops up within our daily lives, we might be shocked to find the results. Oftentimes, we do not think in these terms, but imagine what the probability of us getting behind the wheel of a car twice a day, Monday through Friday, and arriving at work and home safely. Thankfully, the probability for me has been 'one'! This means that up to this point I have made it to work and returned home every day without getting into an accident. While probability might have one outcome with one set of circumstances, this does not mean it will always turn out that way. Using the same example, just because I have arrived at work every day without getting into an accident, this does not mean it will always be true. As I confess with my words, and pray it does stay the same, probability tells me there is room for a different outcome.

In business, we often look at the probability of success or financial gain when making a decision. There are several things to take into consideration such as the experiment, potential outcomes, and possible events. An experiment is a process that leads to the occurrence of one and only one of several possible observations, while an outcome is a particular result of an experiment (Lind, 2012, p.146). An event is a collection of one or more outcomes of an experiment (Lind, 2012, p.147). There are three different types of probabilities that may be used in business decisions. The first is classical probability, which means that the outcomes of an experiment are equally likely. For example, say a business places an opening for job and the only requirement is the applicants are over the age of 18. Let's assume four people applied,...

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...Probability Theory and Game of Chance
Jingjing Xu
April 24, 2012
I. INTRODUCTION
Probability theory is the mathematical foundation of statistics, and it can be applied to many areas requiring large data analysis. Curiously, that the study on probability theory has its root in parlor games and gambling. In 17th century, dice gambling was a very...

...A Short History of Probability
Dr. Alan M. Polansky
Division of Statistics
Northern Illinois UniversityHistory of Probability 2
French Society in the 1650’s
! Gambling was popular
and fashionable
! Not restricted by law
! As the games became
more complicated and
the stakes became
larger there was a
need for mathematical
methods for computing
chances.History of Probability 3
Enter the Mathematicians
! A well-known gambler,
the...

...I. Probability Theory
* A branch of mathematics concerned with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs, but it may be any one of several possible outcomes. The actual outcome is considered to be determined by chance.
* The word probability has several meanings in ordinary conversation. Two of these are particularly important for the development and applications of the mathematical theory of...

...guys, this is the probability Assignment. Last date for submission is 10 aug...
Q1. What is the probability of picking a card that was either red or black?
Q2. A problem in statistics is given to 5 students A, B, C, D, E. Their chances of solving it are ½,1/3,1/4,1/5,1/6. What is the probability that the problem will be solved?
Q3. A person is known to hit the target in 3 out of 4 shots whereas another person is known to hit the target in 2...

...P(S) The symbol for the probability of success
P(F) The symbol for the probability of failure
p The numerical probability of a success
q The numerical probability of a failure
P(S) = p and P(F) = 1 - p = q
n The number of trials
X The number of successes
The probability of a success in a binomial experiment can be computed with...

...1) What is the value of understanding probabilities? Give specific examples of applications.
Your response to the question is due by Thursday, October 22nd.
Probability theorems tell us that, from the relative frequency of all possible events, a particular outcome will occur some computed percentage of the time.
Gambling on the slot machines takes into account the probability that after X amount of non matching pulls, there is a pull with a...

...Conditional Probability
How to handle Dependent Events
Life is full of random events! You need to get a "feel" for them to be a smart and successful person.
Independent Events
Events can be "Independent", meaning each event is not affected by any other events.
Example: Tossing a coin.
Each toss of a coin is a perfect isolated thing.
What it did in the past will not affect the current toss.
The chance is simply 1-in-2, or 50%, just like ANY toss of the coin.
So each toss...