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Basic Probability Terms
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Probability
A measure of how likely an event is to occur, expressed as a number between 0 and 1, inclusive.
Outcome
A possible result of a probability experiment; a single result from a set of all possible results.
Sample Space
The set of all possible outcomes of a probability experiment.
Probability Distribution
A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.
Random Variable
A variable whose value depends on the outcomes of a random phenomenon.
Event
A set of outcomes of an experiment to which a probability is assigned.
Expected Value
The long-run average value of repetitions of the experiment it represents.
Independent Events
Two events are independent if the occurrence of one event does not affect the probability of the other.
Complementary Events
Two events are complementary if one event occurs if and only if the other event does not occur.
Mutually Exclusive Events
Two events are mutually exclusive if they cannot occur at the same time.
Combination
The number of ways in which a set or number of things can be selected, regardless of the order in which they are selected.
Permutation
The number of ways in which a set or number of things can be ordered or arranged.
Conditional Probability
The probability of an event (A) given that another event (B) has already occurred.
Variance
A measure of the spread between numbers in a data set; how far the values lie from the mean.
Standard Deviation
The square root of the variance, representing the dispersion of a dataset relative to its mean.
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