Term
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Definition
| The risk or chance that a particular event will occur in an uncertain world. |
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Term
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Definition
| A listing, in the form or graph, of the probabilities associated with each possible outcome. |
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Term
| Binomial Probability Distribution |
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Definition
Probabilities associated with the outcome of certain events that have the following properties:
1. The event or trail occurs a specific number of times (k).
2. Two mutually exclusive outcomes.
3. Events are independent.
4. The number of times a "success" occurs in k events is designated as x. |
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Term
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Definition
| The probability of an event is the number of ways that an event can occur divided by the total number of events that may occur. |
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Term
| Multiplication Rule (the "And" rule) |
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Definition
| The probability that independent events will occur simultaneously (event A and event B will both occur) is the product of the probabilities that the events will occur individually. |
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Term
| The Addiction Rule (the "Or" rule) |
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Definition
| The probability that at least 1 of 2 or more alternative outcomes will occur is the sum of the individual probabilities that the events will occur. |
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Term
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Definition
| Used to predict probabilities of the occurrences of "rare" events (when such occurrences are known to be independent of each other) or to determine it the occurrences of such events are independent of one another. |
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