| A | B |
|---|
| Probability | the chance of an event occurring |
| Outcomes | the results of a single trial of a probability |
| Sample space | the set of all possible outcomes of a probability experiment |
| Mutually exclusive | probability events that cannot occur at the same time |
| Dependent events | events for which the outcome or occurrence of the first event affects the outcome or occurrence of the second event in such a way that the probability is changed |
| Independent events | events for which the probability of the first occurring does not affect the probability of the second occurring |
| Three interpretations of probability | classical, empirical or relaive frequency , and subjective probability |
| Weighted mean | the mean found by multiplying each value by its corresponding weight and dividing by the sum of the weights |
| Mean | the sum of the values, divided by the total number of values |
| Mode | the value that occurs most often in a data set |
| Median | the midpoint of a data array |
| Midrange | the sum of the lowest and highest data values, divided by 2 |
| Classical Probability | uses sample spaces to determine the numerical probability that an event will happen. One does not actually perform the experiment to determine the probability. This probability assumes that all outcomes in the sample space are equally likely to occur. |
| Empirical Probability | It is based on observation. It relies on actual experience to determine that the likelihood of outcomes. |
| Subjective Probability | It uses a probability value based on an educated guess or estimate, employing opinions and inexact information. This guess is based on the person's experience and evaluation of a solution. |
