Probability
Posted by
Ravi Kumar at Sunday, May 3, 2009
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Probability is nothing but chances of occurrences. I go to my college by bus. I find my college bus for every 5 buses. So the Probability of getting my bus is 1 out of 5.
Probability is an important topic for the entrance exams. This is a topic that you will be requiring in your management courses also. Hence the basic concepts that we are going to learn should be understood thoroughly. Because their usefulness goes beyond the entrance exams.
The word Probability is used, in a broad sense, to indicate a vague possibility that something might happen.
Terms we use in Probability are
Experiment:
An operation which can produce some well-defined outcome is called an experiment.
Random Experiment:
An experiment in which all possible out comes are known and the exact output cannot be predicted in advance is called a random experiment.