Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Statistics Ch.4

4.1 Basic Concepts of Probability

event any collection of results or outcomes of a procedure
simple event an outcome or an event that can't be further broken down into simpler components
sample space (for a procedure) consists of ALL possible simple events
P denotes a probability
A, B, and C denotes specific events
P(A) denotes the probability of event A occurring
Probability Limits Always express a probability as a fraction/decimal number btwn 0 and 1 - probability of an impossible event is 0 - probability of an event that's certain to occur is 1 - for any event A, probability of A is btwn 0 and 1 inclusive
An event is Unlikely if the probability is very small- 0.05 or less
An event is Rare if probability is less than 0.001
Law of Large Numbers As a procedure is repeated again and again, the relative frequency probability of an event tends to approach the actual probability
Subjective Probabilities the probability of event A is estimated by using knowledge of the relevant circumstances
Odds of an event occurring the ratio of the number of ways the event can occur (successes) to the number of ways the event can't occur (failures) a:b
odds against an event occurring ratio of the number of the ways an event cant occur (failures) to the number of ways the event can occur (successes) b:a
Payoff odds against event A occurring ratio of net profit (if you win) to the amount bet (net profit) : (amount bet)
Created by: Kristindene