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Business Stats - Formulas (1 - 4)

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assigning probabilities: Classical Method

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Terms in this set (22)

assigning probabilities: Classical Method

P(A) = (total # of times A occured) / (total # of sample space outcomes)

assigning probabilities: Relative Frequency

P(an event) = (# of times an event occured) / (total # of opportunites for the event to occur)

Complement of an Event

P(A) + P(A^c) = 1

P(A or B) = P(A) + P(B) - P(A and B)

Conditional Probability

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

P(B) > 0