The formula is a little more complicated if your events are dependent, that is if the probability of one event effects another. In order to figure these probabilities out, you must find p(B|A), which is theconditional probabilityfor the event. ...
As you can see, using Minitab to check and graph the probabilities of different events is not difficult. I hope knowing this increases the odds that the next time you wonder about the likelihood of an event, you'll be able to find it quickly and accurately! View full post...
Sampling with replacement is used to findprobability with replacement. In other words, you want to find theprobabilityof some event where there’s a number of balls, cards or other objects, and you replace the item each time you choose one. Let’s say you had a population of 7 people, ...
Otherwise, you’ll have to find a way to pour the tap water out of the container or completely remove the plant and wash the media. What can I grow semi-hydroponically? My rescue phalaenopsis Well, you can try with a lot of different plants. I don’t know that there’s a list...
Feature bothnegative and positive responses; consumers find it authentic and, therefore, more trustworthy. Generate feedback from actual users of the product rather than from associations or professional reviewers. If you’re an enterprise-facing brand, displaying client logos is probably more cut out...
LEARNING OUTCOMES: By the end of this week’s material, you will be able to do: solve some classic paradoxes of probability; apply simple rules of probability; use Bayes’ theorem to calculate conditional probabilities; avoid fallacies of probability; apply probabilities to calculate expected ...
you might be asked to find the probability of getting a traffic ticket if you speed in a school zone, or find that an answer to a survey question was "Yes," given that the respondent was a woman. Conditional probabilities are usually asked in sentence formats, though in mathematical termino...
This combination exhibits a very low success-to-failure ratio. Therefore, it cannot be a sensible choice. And here’s why: A truly random lottery game distributes the probability evenly across the entire range of numbers. Because of this fair distribution of probabilities, a combination that is...
If you were asked to find the average score for those five items, you wouldn’t even have to do the math: it’s just 0.12, right? Finding the mean for a binomial distribution is just a little different: you add up all of the probabilities (0.12 + 0.12 + 0.12 +...
Time to expiration: 1 month (assume 30 days for simplicity) Risk-free interest rate: 1% (0.01) Option price: $2.50 Plugging these values into an options pricing calculator or using the Black-Scholes formula, we would find that the implied volatility is approximately 40%. Now, let's consid...