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Business Mathematics and Basic Statistics · Class 11 Commerce

Ch 11Introduction to Probability — Class 11 Business Mathematics and Basic Statistics, concept-first.

In everyday life we constantly meet processes whose exact result cannot be predicted in advance, even though every result that COULD occur is already known beforehand — tossing a coin, rolling a die, or drawing a card from a well-shuffled deck are all examples.

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Chapter contents

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1

Random Experiment and Sample Space

In everyday life we constantly meet processes whose exact result cannot be predicted in advance, even though every result that COULD occur is already known beforehand — tossing a coin, rolling a die,…

2

Events — Simple and Compound

An event is any subset of the sample space — that is, any collection of outcomes we are specifically interested in.

3

Mutually Exclusive and Collectively Exhaustive Events

Two or more events are called mutually exclusive if they cannot occur together in a single performance of the experiment — that is, no sample point is common to any two of them.

4

Equally Likely Events and Sample-Point Counting

The outcomes of a random experiment are called equally likely when every individual outcome has exactly the same chance of occurring as every other outcome — no outcome is favoured over any other.

5

Classical Definition of Probability

When the sample space of a random experiment consists of a finite number of equally likely outcomes, the classical (mathematical) definition of probability of an event is:

Exercises

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