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Introduction

Empirical probability:
Derived from historical data

 

A Priori probability: Derived by formal reasoning
 

Subjective probability: Derived by personal judgment


Some Important Results

  • P(A) = No. of fav. Events / Total possible events
  • 0 < P(A) <1, P(Ac) = 1-P(A)
  • P(AUB) = P(A) + P(B) - P(A∩B)
  • If A,B Mutually exclusive:
    • P(AUB) = P(A)+P(B) 
    • P(A│B) = P(A∩B)/P(B)
    • P(A∩B) = P(A│B)P(B)
  • If A,B Independent:
    • P(A∩B) = P(A)P(B)
 




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