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Probability

Probability is a measure of the likelihood of an event, ranging from 0 (impossible) to 1 (certain). Key concepts include experiments, outcomes, sample spaces, and various types of probability such as theoretical and experimental. Applications of probability span across fields like insurance, medicine, finance, and engineering, with common distributions including uniform, normal, binomial, and Poisson.

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7 views2 pages

Probability

Probability is a measure of the likelihood of an event, ranging from 0 (impossible) to 1 (certain). Key concepts include experiments, outcomes, sample spaces, and various types of probability such as theoretical and experimental. Applications of probability span across fields like insurance, medicine, finance, and engineering, with common distributions including uniform, normal, binomial, and Poisson.

Uploaded by

Faith Banda
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 PDF, TXT or read online on Scribd

Here are some notes on probability:

*What is Probability?*
Probability is a measure of the likelihood of an event occurring. It is a number between 0 and 1,
where 0 represents an impossible event and 1 represents a certain event.

*Basic Concepts*
1. *Experiment*: An action or situation that can produce a set of outcomes.
2. *Outcome*: A specific result of an experiment.
3. *Sample Space*: The set of all possible outcomes of an experiment.
4. *Event*: A set of one or more outcomes of an experiment.

*Types of Probability*
1. *Theoretical Probability*: The probability of an event based on the number of favorable
outcomes divided by the total number of possible outcomes.
2. *Experimental Probability*: The probability of an event based on repeated trials or
experiments.
3. *Conditional Probability*: The probability of an event occurring given that another event has
occurred.
4. *Joint Probability*: The probability of two or more events occurring together.

*Probability Rules*
1. *Addition Rule*: The probability of two or more events occurring is the sum of their individual
probabilities.
2. *Multiplication Rule*: The probability of two or more events occurring together is the product
of their individual probabilities.
3. *Complement Rule*: The probability of an event not occurring is 1 minus the probability of the
event occurring.

*Key Terms*
1. *Probability*: A measure of the likelihood of an event occurring.
2. *Random Variable*: A variable that takes on different values according to chance.
3. *Independent Events*: Events that do not affect each other's probability.
4. *Dependent Events*: Events that affect each other's probability.

*Applications of Probability*
1. *Insurance*: Probability is used to calculate insurance premiums and payouts.
2. *Medicine*: Probability is used to diagnose diseases and predict treatment outcomes.
3. *Finance*: Probability is used to calculate investment risks and returns.
4. *Engineering*: Probability is used to design and optimize systems.

*Common Probability Distributions*


1. *Uniform Distribution*: A distribution where every outcome has an equal probability.
2. *Normal Distribution*: A distribution that is symmetric and bell-shaped.
3. *Binomial Distribution*: A distribution that models the number of successes in a fixed number
of trials.
4. *Poisson Distribution*: A distribution that models the number of events occurring in a fixed
interval.

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