The key points from this module are:
The Probability of an event is defined as its long-run relative frequency.
Rules of Probability
There are three main rules associated with basic probability: the addition rule, the multiplication rule, and the complement rule.
Sample Space is the set of all possible outcomes that can happen for a given situation or a chance situation.
Two events are independent if the occurrence of one has no effect on the chance of occurrence of another.
The probability of the union is less than the sum of the probabilities.
Conditional Probability is a measure of the probability of an event occurring, given that another event.
The formula for Conditional Probability is derived from the probability multiplication rule, P(A and B) = P(A)*P(B|A). The probability of A given B is equal to the probability of A and B divided by the probability of B.
The Multiplication Rule is a way to find the probability of two events happening at the same time. A Joint Probability is the probability of intersection, whereas the Marginal Probability is the probability of observing an outcome with a single attribute regardless of other attributes.
Random Variables describe the probability of an uncertain future, the numerical outcome of a random process.
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