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probability

method or process for measuring and quantifying the likelihood of obtaining a specific score from a population of scores or a specific statistic from a specific population

Experiment

Attempts to find cause-effect relationships by imposing some kind of treatment on the experimental units.

event

favorable outcomes; the outcomes you want to see

outcome

results of experiment

Classical approach

based on assumption that all outcomes of experiment are equally likely

Empirical approach

based on what has happened in the past

the law of large numbers

(EA)- if you do something for a long enough time, the empirical probability will approach the true probability

special rule of addition

if two or more events are mutually exclusive, then the probability of one or the other happening is the sum of their individual probabilities; "or rule"

special rule of multiplication

to determine the probability of two or more mutually exclusive events happening one after another or in succession

Probability distribution

used to develop a measure of risk