Been hearing about the coin-tossing and die-rolling experiments since ever? What we need to understand is that analyzing the outcomes of these simple experiments is just a baby step. But, our underlying focus of interest here is using this analysis for solving more complex real-world problems. The purpose of easy probability questions is just to give us an idea of some generic assumptions and definitions of probability.
Eventually, these basic probability definitions and formulas are what you will be using to manipulate and examine the huge set of data in the business world. Let’s study the topics below:
- Independent and Dependent Events
- Mutually Exclusive Events
- Total and Compound Probability and Mathematical Expectation