Probability-
describes the chance that an uncertain event will occur.

Empirical Probability - estimate that the event will happen based on how often the event occurs after collecting the data or running an experiment. It is based specifically on direct observation or experiences.

Empirical Probability Formula

P(E) = probability that an event, E, will occur.
Top = number of ways the specific event occurs.
Bottom = number of ways the experiment could occur.

Example: A survey was conducted to determine students' favorite color. Each student chose only one color. colorRedBlueBlackYellowPurpleOther
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What is the probability that a student's favorite color being black? Answer: 35 out of the 85 students chose Black. The probability is
.

Theoretical Probability-Theoretical Probability: is the number of ways that an event can occur. You need to divide by the total number of outcomes. This is usually used with equally likely out comes.

Theoretical Probability Formula

P(E) = probability that an event, E, will occur.
n(E) = number of equally likely outcomes of E.
n(S) = number of equally likely outcomes of sample space S. Example 1: Find the probability of rolling a six on a fair die.
Answer: The sample space for rolling is die is 6 equally likely results: {1, 2, 3, 4, 5, 6}. The probability of rolling a 6 is one out of 6 or

.
Example 2: Find the probability of tossing a die and getting an odd number. Answer:
event E : tossing an odd number
outcomes in E: {1, 3, 5}
sample space S: {1, 2, 3, 4, 5, 6}

...BBA (Fall - 2014)
Business Statistics
Theory of Probability
Ahmad
Jalil Ansari
Business Head
Enterprise Solution Division
Random Process
In a random process we know that what outcomes or
events could happen; but we do not know which
particular outcome or event will happen. For
example tossing of coin, rolling of dice, roulette
wheel, changes in valuation in shares, demand of
particular product etc.
Probability
It is the numeric value representing the...

...Probability
1.) AE-2 List the enduring understandings for a content-area unit to be implemented over a three- to five- week time period. Explain how the enduring understandings serve to contextualize (add context or way of thinking to) the content-area standards.
Unit: Data and Probability
Time: 3 weeks max
Enduring Understanding:
“Student Will Be Able To:
- Know what probability is (chance, fairness, a way to observe our random world,...

...QMT200
CHAPTER 3: PROBABILITY DISTRIBUTION
3.1
RANDOM VARIABLES AND PROBABILITY DISTRIBUTION
Random variables is a quantity resulting from an experiment that, by chance, can assume different values. Examples of random variables are the number of defective light bulbs produced during the week and the heights of the students is a class. Two types of random variables are discrete random variables and continuous random variable.
3.2
DISCRETE RANDOM...

...be able to ONEDefine probability. TWO Describe the classical, empirical, and subjective approaches to probability. THREEUnderstand the terms experiment, event, outcome, permutation, and combination. FOURDefine the terms conditional probability and joint probability. FIVE Calculate probabilities applying the rules of addition and multiplication. SIXUse a tree diagram to organize and compute...

...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...

...Probability theory
Probability: A numerical measure of the chance that an event will occur.
Experiment: A process that generates well defined outcomes.
Sample space: The set of all experimental outcomes.
Sample point: An element of the sample space. A sample point represents an experimental outcome.
Tree diagram: A graphical representation that helps in visualizing a multiple step experiment.
Classical method: A method of assigning...

...Probable Probability;
Rolling Dice
Statistics is based upon based upon common sense and logic, in a complex data. Probability is just one of the many topics in statistical mathematics. It is used in our daily life, all over the world. Even games, require taking a chance and using probability to determine the predicted outcomes.
Probability is the measure of how often a particular event will happen if something...

...MGT 601: Statistical Inference
Lecture 03
Dr. MUMTAZ AHMED
Objectives of Current Lecture
In the current lecture:
Introduction to Probability
Definition and Basic concepts of probability
Some basic questions related to probability
Laws of probability
Conditional probability
Independent and Dependent Events
Related Examples
2
Probability
Probability (or likelihood) is a...

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