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Summary Stochastic Modeling and Mathematical Statistics, ISBN: 9781466560475 introduction to statistics
- Summary • 25 pages • 2021
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Everything you have learned about counting constitutes the basis for computing the probability of events to happen. 
In the following, we will use the notion experiment for a procedure that yields one of a given set of possible outcomes. 
This set of possible outcomes is called the sample space of the experiment. 
An event is a subset of the sample space.
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Summary Stochastic Modeling and Mathematical Statistics, ISBN: 9781466560475 introduction to statistic
- Summary • 25 pages • 2021
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- $33.49
- + learn more
If all outcomes in the sample space are equally likely, the following definition of probability applies: 
The probability of an event E, which is a subset of a finite sample space S of equally likely outcomes, is given by p(E) = |E|/|S|. 
Probability values range from 0 (for an event that will never happen) to 1 (for an event that will always happen whenever the experiment is carried out).
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