QUANTITATVE MIDTERMS

• Probability - is used to describe the phenomenon of chance or randomness of events to occur.
• Subjective Probability - is based on past experience and judgment of the person to determine whether a specific outcome is likely to occur.
• Opinion polls - can be used to help in determining subjective probabilities for possible election returns and potential political candidates.
• Experience and judgment 


  relate back to upbringing as well as other events the person has witnessed throughout his life. A production manager, for instance, might believe that the probability of manufacturing a new product without a single defect is 0.85.
• Delphi Method 


  a panel of experts is assembled to make their predictions of the future.
• Objective Probability 


  based on examining past data and using logical and mathematical equations involving the data to determine the likelihood of an independent event occurring.
• P(E) – Experiments


  refers a situation involving chance or probability that produces an event
• n(S) – Sample space


  refers to set of all possible outcomes of an experiment, that is, any subset of the sample space.
• n(E) – Event


  refers to one or more of the possible outcomes of a single trial of an experiment.
• Simple event


  When one event occurs
• compound event


  two or more events occur in a sequence
• Even Chance any event or state of nature occurring lies between greater than or equal to 0 or 0% and less than or equal to 1 or 100%

  
• Impossible


  The probability of an event will not be less than 0 because it is not possible.

  
• Probability


  What formula is this

  
• Mutually Exclusive


  The probability that A or B will occur is the sum of the probability of each event.
• Not Mutually Exclusive


  The probability that A or B will occur is the sum of the probabilities of the two (2) events minus the probability that both will occur.
• Independent Event


  Two events are independent if the occurrence or nonoccurrence of one of the events does not affect the likelihood that the other event will occur.
• Dependent Event


  Two events are dependent if the occurrence of one event does affect the likelihood that the other event will occur.
• Permutation


  is a counting technique which refers to the arrangement (or ordering) of a set of objects, from first to last, where the order in which the objects are selected does matter. In a permutation n different
• Permutation 


  What formula is this?

  
• Second Normal Permutation


  What formula is this?Once an event occurs in a permutation with n objects taken all at a time where some items consist of look-alikes/duplicates and rest are all different, it can occur again.

  
• Third Normal Permutation


  What formula is this? In a permutation with n different objects taken all at a time, n = r.

  
• Combination


  is a selection of objects from a collection in any order as oppose to permutations which deal with the ordered arrangements of objects
• Combination


  What formula is this?