/Tag: Probability
29 11, 2018

Two Way Table

By |2018-11-29T15:03:49+10:00November 29th, 2018|Tags: , , |Comments Off on Two Way Table

Two Way Table Go to the Two Way Table Forum to see more questions or ask your own Understanding the Two Way Table •    A positive result means that the test has indicated you have the disease. •    A negative result means that the test indicated that you do [...]

29 11, 2018

Committees

By |2018-11-29T14:44:10+10:00November 29th, 2018|Tags: , , , |Comments Off on Committees

Committees Go to the Counting Forum to see more questions or ask your own Worked examples A committee of 3 people is to be chosen from 6 people. How many different committees are possible? $$=\frac{6\times5\times3}{3\times2\times1}$$ = 20 there are 6 choices for the first position, 5 for the second and [...]

29 11, 2018

Ordered Selections

By |2018-11-29T14:41:34+10:00November 29th, 2018|Tags: , , , |Comments Off on Ordered Selections

Ordered Selections Go to the Counting Forum to see more questions or ask your own Worked examples The are 22 runners in a race. How many different ways are there for first and second place, assuming there are no ties? = 22 P 2 = 462 since order is [...]

29 11, 2018

Counting

By |2018-11-29T14:25:18+10:00November 29th, 2018|Tags: , , |Comments Off on Counting

Counting Go to the Counting Forum to see more questions or ask your own Worked examples The serial number on a DVD player has 2 letters followed by 5 numerals.  How many different DVDs can have this type of serial number?  26 × 26 × 10 × 10 × [...]

29 11, 2018

Expectation

By |2018-11-29T14:19:18+10:00November 29th, 2018|Tags: , , |Comments Off on Expectation

Expectation Go to the Expectation Forum to see more questions or ask your own Formulas used in Expectation The sum of the probability of the outcomes multiplied by their financial return Worked examples A coin is biased to that there is a 60% chance it will be [...]

29 11, 2018

Multistage Events

By |2018-11-29T14:02:54+10:00November 29th, 2018|Tags: , , |Comments Off on Multistage Events

Multistage Events Go to the Probability Forum to see more questions or ask your own Worked examples At a tropical holiday resort, the probability of rain on any day is 0.8. What is the probability that it will rain on a particular weekend?  P(rain on the weekend) = P(RR) + [...]

30 07, 2018

Probability

By |2018-07-30T09:58:35+10:00July 30th, 2018|Tags: , |Comments Off on Probability

Financial Maths Go to the Financial Maths Forum to see more questions or ask your own Topics Covered in Financial Maths Continuous Probability Distributions Normal Distribution Standard Normal Distribution Formulas used in Financial Maths  $$y=mx+b$$ $$m=\frac{rise}{run}$$ b = y-intercept [...]

30 07, 2018

Discrete Probability

By |2018-07-30T09:56:17+10:00July 30th, 2018|Tags: , , |Comments Off on Discrete Probability

Financial Maths Go to the Financial Maths Forum to see more questions or ask your own Topics Covered in Financial Maths Continuous Probability Distributions Normal Distribution Standard Normal Distribution Formulas used in Financial Maths  $$y=mx+b$$ $$m=\frac{rise}{run}$$ b = y-intercept [...]

3 07, 2018

Probability

By |2018-11-29T15:13:18+10:00July 3rd, 2018|Tags: , , |0 Comments

Probability Go to the Probability Forum to see more questions or ask your own Terminology  Term  Definition Range all probabilities must lie between 0 and 1 Certain has probability of 1 Even chance has a probability of ½ Impossible Impossible Complementary events that add to 1 Topics Covered in Probability [...]

30 11, 2016

Single Stage Events

By |2016-11-30T07:24:02+10:00November 30th, 2016|Tags: , , |Comments Off on Single Stage Events

Single Stage Events worked examples A spinner with the numbers 1 to 8 is spun. What is the probability of getting a. An even number? b. A prime number? c. A number that is even or less than 4? d. A number that is even or less than 4? a. P(even) [...]

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