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Basic Concepts of Probability definitions

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  • Probability
    Quantifies how likely an event is to occur, often written as p(event) and calculated using mathematical formulas.
  • Event
    Represents any outcome or occurrence, big or small, that can be analyzed for its likelihood.
  • Theoretical Probability
    Determines likelihood based on possible outcomes before any trials, using mathematical reasoning.
  • Empirical Probability
    Estimates likelihood using observed data from actual trials or experiments.
  • Sample Space
    Lists all possible outcomes of an experiment, typically shown in curly brackets using set notation.
  • Outcome
    Describes a single possible result from an experiment or random process.
  • Trial
    Refers to one repetition or instance of an experiment, used to gather data for probability calculations.
  • Fraction
    Expresses probability as a ratio of favorable outcomes to total possible outcomes.
  • Decimal
    Represents probability values in numerical form, often used for reporting results.
  • Set Notation
    Uses curly brackets to display all possible outcomes, aiding in visualizing sample spaces.
  • Sample Size
    Indicates the number of trials or observations, affecting the accuracy of empirical probability.
  • Business Analytics
    Applies probability concepts to interpret data and make informed decisions in commercial contexts.
  • Statistics
    Utilizes probability to analyze, interpret, and draw conclusions from data.