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It is to be noted that when the number of observations is very large, the empirical probability of an event is taken as the relative frequency of its occurrence, and that such probability is equal to the prior probability. A probability which is calculated on the basis of some historical data, common experience, recorded evidence, or rigorous analysis is called objective probability. Probabilities of various events in rolling of dice, or flipping of coins are examples of objectives probability in as much as they are based on dependable evidences.
A probability which is calculated on the basis of personal experience or opinion is called a subjective probability. Probabilities of earning super profits for 10 years are the examples of subjective probability in as much as such probabilities are calculated purely on the basis of personal opinion of some experts. The probability of a dependent event is called a conditional probability.
If there are two dependent events, say A and B the conditional probability. If there are two dependent events, say A and B the conditional probability of A given that B has happened is given by ;. And the conditional probability of B given that A has happened is given by. Which represents that the probability of A, B and C is equal to the probability of A times the probability of B given that A has happened, B times the probability of C given that both A and B have happened.
It is to be noted that where conditional probability is attached to the two independent events say A and B, the conditional probabilities of A and B will be represented thus:. The product of a prior probability and a conditional probability is the joint probability of any two dependent or independent events.
The values of joint probabilities of any two events can be better represented through a table known as the Joint Probability Table in which the intersection of the rows and columns are shown as the joint probabilities of the various events. The following examples would make the point very clear.
This is, also, otherwise called as unconditional probability which refers to the probability of occurrence of an event without waiting for the occurrence of another event. During the study of statistics, you will learn everything about how to collect, analyze, present, and interpret data.
Your homework assignment may become even tricky when it requires you to collect, summarize and represent data as graphs. Normal Distribution Computing Binomial Probability. Condition probability formula Binomial Probability formula Experimental Probability formula. The best thing about coming to Studygeek.
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Probability refers to ‘an event’ the happing and non-happening of which is uncertain, or contingent. Literally, it means a chance, a possibility, likelihood, or an odd. We provide probability homework help. The terms probability and statistics always make sense when used together despite the fact that the two words have different meanings. This owes to the reality that probability is a measure of how likely an event would occur while statistics is a branch of mathematics that permits researchers to .
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