1
Q
There are three ways to assign a probability, P(Oi), to an
outcome, Oi
A
1. Classical approach: based on equally likely events.
2. Relative frequency: assigning probabilities based on
experimentation or historical data.
3. Subjective approach: Assigning probabilities based on the assignor‟s (subjective) judgment. (We will ignore this one).
2
Q
The sum of the probabilities…?
A
The sum of the probabilities of all possible outcomes in a
sample space must equal 1.
3
Q
Mutually exclusive events
A
- *Two events** are said to be mutually exclusive when both
- *cannot occur simultaneously.**
