De Morgan’s Laws
De Morgan’s Laws are used in Set Theory, Logic, and several other related fields. Both pairs of equivalencies mean the same, but the two fields use slightly different notation. Using...
Category: Probability
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More Definitions & Other related Probability Topics
Law of Large Numbers states that the more times an experiment is performed the closer the Empirical Probability gets to the Theoretical Probability. This does not mean that ‘your number...
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Expected Value & Fair Price
Expected Value is the sum of the products of the probabilities with their values.This time the formula may be easier to read, but we will keep it simple. We could...
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Odds Against & Odds In Favor
Odds Against is the ratio of the probability of failure to the probability of success, and is written with a colon for the answer.Odds Against = P(Failure)/P(Success), so re-examining the...
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Probability Basics
Base DefinitionsExperiment is a controlled operation that yields a set of resultsOutcome is each individual resultEvent is a collection of the resultsEqually likely outcomes is when each outcome has the...