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PROBABILITY, Random Circumstance, Relative Frequency
Interpretation,…
PROBABILITY
Probability Rule One (For any event A, 0 ≤ P(A) ≤ 1)
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Sometimes we can measure a probability with a number like "10% chance", or we can use words such as impossible, unlikely, possible, even chance, likely and certain.
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As a number, probability is from 0 (impossible) to 1 (certain).
A probability event can be defined as a set of outcomes of an experiment. In other words, an event in probability is the subset of the respective sample space.
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-Random circumstance is one in which the outcome is unpredictable.
-Probability simply number between 0 and 1 that is assigned to a possible outcome of arandom circumstance
-For situations that we can imagine repeating many times, we define probability of aspecific outcome as the proportion of times it would occur over the long run.This is alsocalled relative frequency of that particular outcome
-Relative Frequency Probability.2 Methods
oMake an assumption about the Physical World
oObserve the relative frequency
-Personal probability of an event to be the degree to which a given individual believes thatthe event will happen. Term Subjective probability is used because the degree of beliefmay be different for each individual
-Coherent, your personal probability of one event doesn’t contradict your personalprobability of another.
The frequency interpretation of probability is fairly self explanatory, in that it defines a probability as a limiting frequency. The probability of an event is then defined by the relative frequency, as the throws continue to an idealized infinity.
A number between 0 and 1 assigned to an event based upon personal views concerning whether the event will occur or not; it is obtained by deciding whether one would accept a bet on the event at odds given by this number.
The probability of an event will not be less than 0. This is because 0 is impossible (sure that something will not happen). The probability of an event will not be more than 1.
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