10/7/25, 7:41 PM statistics for business and economics Flashcards | Quizlet
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OIS 2340 Ch 4 Business Statistics Midterm 1 AP Statistics Unit 5 Test Exam 1
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Terms in this set (358)
An act or process of observation that leads to a single outcome that cannot be
Experiment
predicted with certainty
sample points the most basic outcomes of an experiment
Sample Space The set of all possible outcomes.
a statistical table that shows the observed number or frequency for two
two-way table variables, the rows indicating one category and the columns indicating the
other category. (responses are classified according to two variables)
Event A subset of the sample space.
Simple Event Events which consist of only one outcome.
Events which consist of multiple outcomes.
Compound Event
P = E₁ ∪ E₂ ∪ E₃ ...
A sample space which is either finite, or countably infinite.
Discrete Sample Space - The relative probability of an event must be > 0
- Sum of the probability of all events = 1
The set of outcomes in the event A, or B, or both.
A∪ B
P(A ∪ B) = P(A) + P(B) - P(A ∩ B)
The set of outcomes in the event A and B.
A∩B
P(A ∩ B) = P(A|B)P(B)
The set of outcomes that are not in A (A's complement).
A^c
P(A^c) = 1 - P(A)
The empty event (an event that cannot happen).
∅
P(∅) = 0
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, 10/7/25, 7:41 PM statistics for business and economics Flashcards | Quizlet
Two events that can't happen at the same time.
Mutually Exclusive A∩B=∅
P(A ∪ B ∪ C) = P(A) + P(B) + P(C)
P(S) - Probability of the Sample Space P(S) = 1
P(B \ A) = P(B) - P(A)
If A ⊂ B...
P(A) ≤ P(B)
P(A) = P(A₁) + P(A₂) + P(A₃)..., where A₋n is an elementary subset of the event
P(A) - Probability of an Event A A.
In an equi-probably sample space, P(A) = |A| / |S|.
|A| The number of outcomes in an event A.
Find the probability of an event by listing the sample space, then dividing the
List the Sample Space Method number of elements in the event by the total number of elements in the
samples space.
If operation 1 can be done in m ways, and operation 2 can be done in n ways,
Basic Principle of Counting
then the combined operation can be done in m * n ways.
The number of ordered arrangements of n distinct objects, taken r at a time.
Permutations
nPr = n! / (n - r)!
A sample of r unordered elements is to be drawn from a set of n elements, the
Combinations Rules number of different samples possible is denoted by:
nCr or (n/r)= n! / r!(n - r)! ! is factorial symbol
To partition n objects into k distinct groups, with each group containing n₋i
Partitioning Objects into Distinct Groups
objects:
(where each group is of a given size)
n! / n₁!n₂!n₃!...n₋k!
P(A|B) - Probability of Event B given that an P(A|B) = P(A ∩ B) / P(B)
Event A has occurred
P(B|B) P(B|B) = 1
P(A^c|B) P(A^c|B) = 1 - P(A|B)
P(C ∪ D|B) P(C ∪ D|B) = P(C|B) + P(D|B)
Two events are independent if P(A ∩ B) = P(A)P(B).
In independent events:
P(B|A) = P(B)
Independent Events
P(A|B) = P(A)
Three events are independent if any two of them are independent: P(A ∩ B ∩
C) = P(A)P(B)P(C)
Multiple events form a partition of the sample space if they are pairwise
Partitions
mutually exclusive, and the union of the events is the entire sample space.
Law of Total Probability P(A) = ∑(i=1 to n) P(A|B₋i)P(B₋i)
The probability of a subset B₋k of a partition, given an event A:
P(B₋k|A)
Bayes Rule
= P(B₋k ∩ A) / P(A)
= P(A|B₋k)P(B₋k) / ∑(i=1 to n) P(A|B₋i)P(B₋i)
If X is a random variable, then P(X = x) is the probability of seeing a specific
Random Variable
value in the sample space.
A random variable where the range of values that the variable can take on is a
Discrete Random Variable
countable set
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Math Probability Save
statistics for business and economics
Leave the first rating
Students also studied
Flashcard sets Practice tests
OIS 2340 Ch 4 Business Statistics Midterm 1 AP Statistics Unit 5 Test Exam 1
34 terms 47 terms 21 terms 13 terms
hunter_kaulius Preview lcurtis34 Preview h-sherwoodreid Preview Ter
Terms in this set (358)
An act or process of observation that leads to a single outcome that cannot be
Experiment
predicted with certainty
sample points the most basic outcomes of an experiment
Sample Space The set of all possible outcomes.
a statistical table that shows the observed number or frequency for two
two-way table variables, the rows indicating one category and the columns indicating the
other category. (responses are classified according to two variables)
Event A subset of the sample space.
Simple Event Events which consist of only one outcome.
Events which consist of multiple outcomes.
Compound Event
P = E₁ ∪ E₂ ∪ E₃ ...
A sample space which is either finite, or countably infinite.
Discrete Sample Space - The relative probability of an event must be > 0
- Sum of the probability of all events = 1
The set of outcomes in the event A, or B, or both.
A∪ B
P(A ∪ B) = P(A) + P(B) - P(A ∩ B)
The set of outcomes in the event A and B.
A∩B
P(A ∩ B) = P(A|B)P(B)
The set of outcomes that are not in A (A's complement).
A^c
P(A^c) = 1 - P(A)
The empty event (an event that cannot happen).
∅
P(∅) = 0
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, 10/7/25, 7:41 PM statistics for business and economics Flashcards | Quizlet
Two events that can't happen at the same time.
Mutually Exclusive A∩B=∅
P(A ∪ B ∪ C) = P(A) + P(B) + P(C)
P(S) - Probability of the Sample Space P(S) = 1
P(B \ A) = P(B) - P(A)
If A ⊂ B...
P(A) ≤ P(B)
P(A) = P(A₁) + P(A₂) + P(A₃)..., where A₋n is an elementary subset of the event
P(A) - Probability of an Event A A.
In an equi-probably sample space, P(A) = |A| / |S|.
|A| The number of outcomes in an event A.
Find the probability of an event by listing the sample space, then dividing the
List the Sample Space Method number of elements in the event by the total number of elements in the
samples space.
If operation 1 can be done in m ways, and operation 2 can be done in n ways,
Basic Principle of Counting
then the combined operation can be done in m * n ways.
The number of ordered arrangements of n distinct objects, taken r at a time.
Permutations
nPr = n! / (n - r)!
A sample of r unordered elements is to be drawn from a set of n elements, the
Combinations Rules number of different samples possible is denoted by:
nCr or (n/r)= n! / r!(n - r)! ! is factorial symbol
To partition n objects into k distinct groups, with each group containing n₋i
Partitioning Objects into Distinct Groups
objects:
(where each group is of a given size)
n! / n₁!n₂!n₃!...n₋k!
P(A|B) - Probability of Event B given that an P(A|B) = P(A ∩ B) / P(B)
Event A has occurred
P(B|B) P(B|B) = 1
P(A^c|B) P(A^c|B) = 1 - P(A|B)
P(C ∪ D|B) P(C ∪ D|B) = P(C|B) + P(D|B)
Two events are independent if P(A ∩ B) = P(A)P(B).
In independent events:
P(B|A) = P(B)
Independent Events
P(A|B) = P(A)
Three events are independent if any two of them are independent: P(A ∩ B ∩
C) = P(A)P(B)P(C)
Multiple events form a partition of the sample space if they are pairwise
Partitions
mutually exclusive, and the union of the events is the entire sample space.
Law of Total Probability P(A) = ∑(i=1 to n) P(A|B₋i)P(B₋i)
The probability of a subset B₋k of a partition, given an event A:
P(B₋k|A)
Bayes Rule
= P(B₋k ∩ A) / P(A)
= P(A|B₋k)P(B₋k) / ∑(i=1 to n) P(A|B₋i)P(B₋i)
If X is a random variable, then P(X = x) is the probability of seeing a specific
Random Variable
value in the sample space.
A random variable where the range of values that the variable can take on is a
Discrete Random Variable
countable set
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