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Understanding probability rules and axioms

Probability • Probability

Key concepts

What you'll likely be quizzed about

  • The probability of an event is defined as the number of favorable outcomes divided by the total number of possible outcomes.
  • This rule helps calculate the likelihood of simple events.
  • In probability, outcomes can be either independent or dependent; hence, understanding how to apply these calculations is crucial for accurate predictions.

Flashcards

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How is probability related to real-life decisions?

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Probability helps in assessing risks and making informed decisions based on likelihood.

Key notes

Important points to keep in mind

The sum of all probabilities in a sample space equals 1.

Use fractions to represent probabilities clearly.

Independent events multiply probabilities; dependent events do not.

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