QMB 3003 EXAM 2 QUESTIONS AND
ANSWERS 2024
What is a sample space - answer the set of all possible outcomes
outcome is the result of the experiment
What is a trial - answer Repetitionfrom a random experiment
Random experiment - answer Has outcomesthat we cannot predict Experiments involvechanceor random results
Probability - answer Refers to a numberthat indicates the degree of likelihood ...◦that some future event will have a particular outcome
Larger number -more likely Smaller number -less likely
sample point - answer Each elementof the sample space◦also called "simple outcome"
What is an event - answer A subset of a sample space.
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