Introduction To Probability Chapter 4 Notes by excelisfun
[Pages:26]Introduction To Probability Chapter 4 Notes by excelisfun
Probability
Probability = likelihood = chance = possibility Probability is a numerical measure, a number between 0 and 1 (inclusive), that indicates the likelihood that an event will occur in the unknown future. Probability is never known with certainty. It is only an estimate. Probability is an estimate of an event that may occur in the future. Probability is never negative. Probability is never greater than 1. A percentage change amount is not probability. Remember, you can have an increase in sales of 110% (>1) or a decrease in sales of -25% ( ................
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