Chapter 8

Coming to Terms with Probability

In This Chapter

arrow Nailing down the basic definitions and terms associated with probability

arrow Examining how probability relates different events

arrow Solving probability problems with the rules and formulas of probability

arrow Identifying independent and mutually exclusive events

arrow Exploring the difference between independence and exclusivity

Statistics like the ones you calculate in Chapters 4 and 5 are values that describe what you just observed. Probability is calculated as the likelihood or the chance that you would observe some specific event (like your observed statistics) when certain conditions exist. The first step toward probability success is having a clear knowledge of the terms, the notation, and the different types of probabilities you come across. If you use and understand the terms, notation, and types when working on easy problems, you have an edge from the start when the problems get more complex. This chapter sets you on the right track. ...

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