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Probability Basics Video Lecture | Quantitative Aptitude for CA Foundation
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FAQs on Probability Basics Video Lecture - Quantitative Aptitude for CA Foundation
| 1. What are the basic concepts of probability? |  |
Ans. Probability is a measure of the likelihood that an event will occur. The basic concepts of probability include sample space, events, and probability distribution. The sample space is the set of all possible outcomes of an experiment. An event is a subset of the sample space, representing a particular outcome or set of outcomes. Probability distribution assigns a probability to each event in the sample space, indicating the likelihood of its occurrence.
| 2. How is probability calculated? | |
Ans. Probability can be calculated by dividing the number of favorable outcomes by the total number of possible outcomes. This is known as the classical or theoretical probability. Another method is empirical probability, which is based on observed data. It involves dividing the number of times an event occurs by the total number of trials. Finally, subjective probability is based on personal judgment or beliefs about the likelihood of an event.
| 3. What is the difference between dependent and independent events in probability? | |
Ans. In probability, dependent events are those in which the occurrence or non-occurrence of one event affects the probability of the other event. For example, drawing a card from a deck without replacement is a dependent event because the probability of drawing a certain card changes depending on the outcome of the previous draw. On the other hand, independent events are those in which the occurrence or non-occurrence of one event has no impact on the probability of the other event. Tossing a coin multiple times is an example of independent events.
| 4. How does conditional probability work? | |
Ans. Conditional probability is the probability of an event occurring given that another event has already occurred. It is denoted as P(A|B), where A is the event of interest and B is the event that has already occurred. The formula for conditional probability is P(A|B) = P(A∩B) / P(B), where P(A∩B) represents the probability of both events A and B occurring together, and P(B) represents the probability of event B occurring. Conditional probability allows us to update our initial probability estimates based on new information.
| 5. What is the concept of expected value in probability? | |
Ans. Expected value, also known as the mean or average, is a measure of central tendency in probability. It represents the long-term average outcome of an experiment. The expected value is calculated by multiplying each possible outcome by its corresponding probability and summing them up. It provides a way to summarize the distribution of probabilities and make predictions about future outcomes. The expected value can be used to guide decision-making and assess the potential gains or losses in various scenarios.
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Nov 08, 2024 Last updated |
Video Description: Probability Basics for CA Foundation 2024 is part of Quantitative Aptitude for CA Foundation preparation.
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