Complement of an event A^cRefers to the event "not A"Conditional probabilityThe probability that one event happens given that another event is already known to have happened.EventAny collection of outcomes from some chance process.General addition ruleIf A and B are any two events resulting from some chance process, then the probability that event A or event B (or both) occur is P(A) + P(B) - P(A ∩ B) .General multiplication ruleThe probability that events A and B both occur can be found using the formula P(A ∩ B) = P(A) ∙ P(B | A)Independent eventsOccurrence of one event has no effect on the chance the other event will happen. In other words, if P(A | B) = P(A).IntersectionDenoted by A ∩ B, refers to the situation when both events occur at the same time.Law of Large NumbersIf we observe more and more repetitions of any chance process, the proportion of times that a specific outcome occurs approaches a single value, which we call the probability of that outcome.Mutually exclusive (disjoint)Two events have no outcomes in common and so can never occur together.ProbabilityA number between 0 and 1 that describes the proportion of times the outcome would occur in a very long series of repetitions.Probability modelA description of some chance process that consists of two parts: a sample space S and a probability for each outcome.Sample space SThe set of all possible outcomes of a chance process.SimulationThe imitation of chance behavior, based on a model that accurately reflects the situation.Tree diagramUsed to display the sample space for a chance process that involves a sequence of outcomes.Union<span>Denoted by A ∪ B, consists of all outcomes in A, or B, or both.</span>
