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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.
Event
A set of outcomes of an experiment to which a probability is assigned.
Sample Space
The set of all possible outcomes of a probability experiment.
Random Variable
A variable whose value depends on the outcomes of a random phenomenon.
Probability Distribution
A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.
Expected Value
The long-run average value of repetitions of the experiment it represents.
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.
Independent Events
Two events are independent if the occurrence of one event does not affect the probability of the other.
Mutually Exclusive Events
Two events are mutually exclusive if they cannot occur at the same time.
Conditional Probability
The probability of an event (A) given that another event (B) has already occurred.
Complementary Events
Two events are complementary if one event occurs if and only if the other event does not occur.
Permutation
The number of ways in which a set or number of things can be ordered or arranged.
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.
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