QNT/351 Week 3, three post

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……………………………………
1) QUESTION: what is conditional probability? PLEASE Provide examples. MINIMUM 75 WORDS!!!!…………………………………………………………………………………………………………………
Lisa, thank you for your substantive response to the discussion.
You stated, “Probability can be defined as a calculated expectation that an outcome will occur in the future.”
You are correct! Probability can assume any number from 0 to 1, inclusive. The closer the probability is to 1 the more sure the event will happen. One can then compute the probability of two or more events by applying rules of addition and multiplication…………………………………………………….
2) QUESTION: Define the two rules of addition and provide examples. MINIMUM 75 WORDS………………………………………………………………………………………………… Samanthia, thank you for your substantive response to the discussion.
You stated, “According to mathisfun.com, “the probability of an event will not be less than 0. This is because 0 is impossible (sure that something will not happen). The probability of an event will not be more than 1. This is because 1 is certain that something will happen.” You are correct! Probability is a value between zero and one that describes the relative possibility that an event will occur…………………………………………………………………………………….
3) QUESTION: There are two approaches to assigning probabilities to an event: objective and subjective. Objective probability is subdivided into (1) classical probability and (2) empirical probability. What is the difference between classical probability and empirical probability? Provide examples 75 WORDS MINIMUM ……

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