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- https://stats.libretexts.org/Courses/Fresno_City_College/Book%3A_Business_Statistics_Customized_(OpenStax)/03%3A_Probability_Topics/3.02%3A_Probability_TerminologyRemember that \(S\) has six outcomes. \(P(A|B) = \frac{\frac{(\text { the number of outcomes that are } 2 \text { or } 3 \text { and even in } S)}{6}}{\frac{(\text { the number of outcomes that are ev...Remember that \(S\) has six outcomes. \(P(A|B) = \frac{\frac{(\text { the number of outcomes that are } 2 \text { or } 3 \text { and even in } S)}{6}}{\frac{(\text { the number of outcomes that are even in } S)}{6}}=\frac{\frac{1}{6}}{\frac{3}{6}}=\frac{1}{3}\) Odds The odds of an event presents the probability as a ratio of success to failure.
- https://stats.libretexts.org/Courses/Saint_Mary's_College_Notre_Dame/BFE_1201_Statistical_Methods_for_Finance_(Kuter)/03%3A_Probability_Topics/3.02%3A_Probability_TerminologyTo calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample s...To calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample space. This important characteristic of probability experiments is known as the Law of Large Numbers which states that as the number of repetitions of an experiment is increased, the relative frequency obtained in the experiment tends to become closer and closer to the theoretical probability.
- https://stats.libretexts.org/Courses/Fresno_City_College/Introduction_to_Business_Statistics_-_OER_-_Spring_2023/03%3A_Probability_Topics/3.02%3A_Probability_TerminologyRemember that \(S\) has six outcomes. \(P(A|B) = \frac{\frac{(\text { the number of outcomes that are } 2 \text { or } 3 \text { and even in } S)}{6}}{\frac{(\text { the number of outcomes that are ev...Remember that \(S\) has six outcomes. \(P(A|B) = \frac{\frac{(\text { the number of outcomes that are } 2 \text { or } 3 \text { and even in } S)}{6}}{\frac{(\text { the number of outcomes that are even in } S)}{6}}=\frac{\frac{1}{6}}{\frac{3}{6}}=\frac{1}{3}\) Odds The odds of an event presents the probability as a ratio of success to failure.
- https://stats.libretexts.org/Bookshelves/Applied_Statistics/Business_Statistics_(OpenStax)/03%3A_Probability_Topics/3.01%3A_Probability_TerminologyThis page explains probability, detailing the sample space of outcomes, events, and the range of probabilities (0 to 1). It highlights the Law of Large Numbers, representing outcomes through unions, i...This page explains probability, detailing the sample space of outcomes, events, and the range of probabilities (0 to 1). It highlights the Law of Large Numbers, representing outcomes through unions, intersections, and complements, and discusses conditional probabilities and odds, particularly in gambling.
