QNT/351 Week 3, three post Thanks NITKKR for taking care of this

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………………………..Miguel, thank you for your substantive response to the discussion.
You stated, “Probability is value between zero and one. Inclusive describing the relative possibility an event will occur.”………………………………………
…………………………………………………Absolutely! Probability, chance, and likelihood are used interchangeably that describes an event will happen. However, if there is little to no experience or information on which to base a probability, it may be arrived at subjectively………………………………………..
1)Question: What is the subjective concept of probability? Provide examples………………………………………………………………………………………………………………..
…………………………………..Calaeryn, thank you for your substantive response to the discussion.
You stated, “Another way to measure probability is to take the number of favorable outcomes and divide it by the total outcomes. For example, Russian Roulette. In a six shot revolver with one bullet there are 5 favorable outcomes and 1 (very) unfavorable outcome. So, the probability of you winning the game is 5/6 or .83.”……………………………………………………………….
Absolutely! A probability is frequently expressed as a decimal.
2) Question: identify and define the three key words that are used in the study of probability……………………………………………………………………………………………………………………
………………………..Calaeryn, thank you for your substantive response to the discussion.
You stated, “Probability is different from coincidence because probability is the likelihood of an event occurring in an experiment that takes into account all outcomes.”…………………………………………………………
While this is true, oftentimes we have additional knowledge that might affect the likelihood of the outcome experiment which leads us the need to alter the probability of an event of interest. The probability that reflects this additional knowledge is called the conditional probability…………………………………………………………………
3) Question: what is conditional probability? Provide examples………………………

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