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Introduction To Basic Probability

This chapter introduces the basic principles of probability including describing what probability is, different methods of assigning probabilities, defining experiments and events, classifying events, comparing probabilities, and calculating probabilities using laws of addition, multiplication, and conditional probability including Bayes' rule. The main objectives are to help understand probability and differentiate among probability methods, deconstruct probability elements, and calculate probabilities using various rules and formulas.

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49 views1 page

Introduction To Basic Probability

This chapter introduces the basic principles of probability including describing what probability is, different methods of assigning probabilities, defining experiments and events, classifying events, comparing probabilities, and calculating probabilities using laws of addition, multiplication, and conditional probability including Bayes' rule. The main objectives are to help understand probability and differentiate among probability methods, deconstruct probability elements, and calculate probabilities using various rules and formulas.

Uploaded by

jitesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 4

Introduction to Basic Probability


LEARNING OBJECTIVES

The main objective of Chapter 4 is to help you understand the basic


principles of probability, thereby enabling you to:

1.

Describe what probability is and when one would use it

2.

Differentiate among three methods of assigning probabilities: the classical


method, relative frequency of occurrence, and subjective probability

3.

Deconstruct the elements of probability by defining experiments, sample


spaces, and events, classifying events as mutually exclusive, collectively
exhaustive, complementary, or independent, and counting possibilities

4.

Compare marginal, union, joint, and conditional probabilities by defining


each one.

5.

Calculate probabilities using the general law of addition, along with a


joint probability table, the complement of a union, or the special law of
addition if necessary

6.

Calculate joint probabilities of both independent and dependent events


using the general and special laws of multiplication

7.

Calculate conditional probabilities with various forms of the law of


conditional probability, and use them to determine if two events are
independent.

8.

Calculate conditional probabilities using Bayes rule

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