PPT - Basic Concept Of Probability

# PPT - Basic Concept Of Probability - Business Mathematics and Statistics - B Com

``` Page 1

1
Basic Probability
Page 2

1
Basic Probability

2
Introduction
•
Probability  is the study of randomness and uncertainty.
•
In the early days, probability was associated with games of
chance (gambling).
Page 3

1
Basic Probability

2
Introduction
•
Probability  is the study of randomness and uncertainty.
•
In the early days, probability was associated with games of
chance (gambling).

3
Simple Games Involving Probability
Game: A fair die is rolled. If the result is 2, 3, or 4, you win
\$1; if it is 5, you win \$2; but if it is 1 or 6, you lose \$3.
Should you play this game?
Page 4

1
Basic Probability

2
Introduction
•
Probability  is the study of randomness and uncertainty.
•
In the early days, probability was associated with games of
chance (gambling).

3
Simple Games Involving Probability
Game: A fair die is rolled. If the result is 2, 3, or 4, you win
\$1; if it is 5, you win \$2; but if it is 1 or 6, you lose \$3.
Should you play this game?

4
Random Experiment
•
a random experiment is a process whose outcome is uncertain.

Examples:
•
Tossing a coin once or several times
•
Picking a card or cards from a deck
•
Measuring temperature of patients
•
...
Page 5

1
Basic Probability

2
Introduction
•
Probability  is the study of randomness and uncertainty.
•
In the early days, probability was associated with games of
chance (gambling).

3
Simple Games Involving Probability
Game: A fair die is rolled. If the result is 2, 3, or 4, you win
\$1; if it is 5, you win \$2; but if it is 1 or 6, you lose \$3.
Should you play this game?

4
Random Experiment
•
a random experiment is a process whose outcome is uncertain.

Examples:
•
Tossing a coin once or several times
•
Picking a card or cards from a deck
•
Measuring temperature of patients
•
...

5
Sample Space
The sample space is the set of all possible outcomes.
Simple Events
The individual outcomes are called simple events.
Event
An event is any collection
of one or more simple events
Events & Sample Spaces
```

115 videos|142 docs

## FAQs on PPT - Basic Concept Of Probability - Business Mathematics and Statistics - B Com

 1. What is the basic concept of probability?
Ans. The basic concept of probability is the likelihood or chance of an event occurring. It is a measure of uncertainty, where the probability of an event ranges from 0 (impossible) to 1 (certain). Probability helps us understand and predict the outcomes of various events or experiments.
 2. How is probability calculated?
Ans. Probability is calculated by dividing the number of favorable outcomes by the total number of possible outcomes. This can be expressed as P(event) = Number of favorable outcomes / Total number of possible outcomes. For example, if we roll a fair six-sided die, the probability of rolling a 3 would be 1 (favorable outcome) divided by 6 (possible outcomes), which equals 1/6 or approximately 0.1667.
 3. What are mutually exclusive events?
Ans. Mutually exclusive events are events that cannot occur at the same time. If one event happens, the other cannot occur simultaneously. For example, when flipping a coin, the outcomes of getting heads and getting tails are mutually exclusive because they cannot both happen in a single flip.
 4. What is the difference between independent and dependent events?
Ans. Independent events are events where the outcome of one event does not affect the outcome of another event. For example, if you roll a die twice, the outcome of the first roll does not impact the outcome of the second roll. Dependent events, on the other hand, are events where the outcome of one event does affect the outcome of another event. An example of dependent events is drawing cards from a deck without replacement.
 5. How is probability used in real-life situations?
Ans. Probability is used in various real-life situations, such as weather forecasting, insurance risk assessment, sports predictions, and financial investments. It helps in making informed decisions by quantifying uncertainty and estimating the likelihood of different outcomes. For example, insurance companies use probability to determine premiums based on the risk of certain events occurring, and meteorologists use probability to predict the chances of rain or snow.

115 videos|142 docs

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