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Probability Basics
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Conditional Probability
The probability of an event given that another event has occurred.
Probability Distribution
A function that describes the likelihood of obtaining the possible values that a random variable can assume.
Sample Space
The set of all possible outcomes of a probability experiment.
Expected Value
The theoretical long-run average value of repetitions of the experiment it represents.
Independent Events
Two events are independent if the occurrence of one does not affect the probability of the occurrence of the other.
Permutation
An arrangement of objects in a specific order; 'nPr' represents the number of permutations of 'n' items taken 'r' at a time.
Complementary Events
Two events are complements if one and only one of the events occurs for every outcome in the sample space.
Event
A subset of the sample space; a set of outcomes of a random process.
Variance
A measure of how much values in a data set differ from the mean.
Probability Function
A function that assigns a probability to each event in the sample space of a random experiment.
Mutually Exclusive Events
Two events are mutually exclusive if they cannot occur at the same time.
Random Variable
A variable whose value results from the outcome of a random phenomenon.
Union of Events
An event that occurs if at least one of the events from a collection of events occurs.
Standard Deviation
The square root of the variance, representing the average amount by which the values of a random variable differ from the mean.
Intersection of Events
An event that occurs if all the events from a collection of events occur simultaneously.
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