Shared Flashcard Set

Details

Statistics
Business Stats Midterm
10
Business
Undergraduate 3
03/11/2010

Additional Business Flashcards

 


 

Cards

Term
Formula for Addition Law
Definition
P(A U B) = P(A) + P(B) - P(A & B)
Term
Mutually Exclusive Events
Definition
P(A & B) = 0, events are mutually exclusive
Term
Conditional Probability Formula
Definition

P(B|A) = P(A & B) / P(A)

 

Term
Multiplication Law
Definition
P(A & B) = P(A) * P(B)
Term
Combinations
Definition
(n choose r) = n! / (r! - (n-r)!)
Term
P (B|A)
Definition
= (P(A|B) P(B)) /( P(A|B) P(B) + P(A|B')P(B) )
Term
Z Score Formula
Definition
Z = (x - Mean) / Standard Deviation
Term
K-Problems
Definition

Probablility of Outcome = X

Number of possible Events = Y

XK = 1/Y

K * ln(X) = ln (1/Y)

 

Ex. Baseball or Basketball shot problems

Term

Example P (Drug | Tested Positive)

If: P(D) = .01

P(+|D) = .8

P(-|D) = .9

 

[(.8)(.01)] /  [(.8)(.01)+(.1)(.99)] = .075

Definition
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