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