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What Do You Expect?

CMP: What Do You Expect?

counting tree A diagram used to determine the number possible outcomes in a probability situation.
equally likely events Two or more events that have the same probability of occurring.
event A set of outcomes.
expected value The average payoff over many trials.
experimental probability A probability that is determined through experimentation.
fair game A game in which each player has the same chance of winning.
long term average The average payoff over many trials.
outcome A possible result of an action.
probability A number between 0 and 1 that describes the likelihood that an event will occur.
random events Events whose outcomes are uncertain when viewed individually, but which may exhibit a predictable pattern when observed over many trials.
theoretical probability A probability obtained by analyzing a situation.
Created by: edogg69