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Probability – Examples Video Lecture | Quantitative for GMAT
FAQs on Probability – Examples Video Lecture - Quantitative for GMAT
| 1. What is probability? |  |
Ans. Probability is a measure of the likelihood of an event occurring. It is a numerical value between 0 and 1, where 0 represents impossibility and 1 represents certainty.
| 2. How is probability calculated? | |
Ans. Probability can be calculated by dividing the number of favorable outcomes by the total number of possible outcomes. This is known as the classical probability formula: P(A) = number of favorable outcomes / number of possible outcomes.
| 3. What is the difference between theoretical probability and experimental probability? | |
Ans. Theoretical probability is a prediction based on mathematical calculations and assumptions, while experimental probability is based on actual data from experiments or observations. Theoretical probability is often used when the outcomes are equally likely, while experimental probability is used when the outcomes may vary.
| 4. What is the addition rule of probability? | |
Ans. The addition rule of probability states that the probability of either one of two mutually exclusive events occurring is the sum of their individual probabilities. Mathematically, P(A or B) = P(A) + P(B).
| 5. How does probability play a role in decision-making? | |
Ans. Probability provides a framework for making informed decisions by evaluating the likelihood of different outcomes. It helps in determining the best course of action by considering the potential risks and rewards associated with each possible outcome.
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