Different types of probability include conditional probability, Markov chains probability and standard probability. Standard probability is equal to the number of wanted outcomes divided by the number of possible outcomes.Know More
Probability is a ratio that compares the number of times that an outcome can happen with the number of all possible outcomes. Standard probability looks at independent events where the first event does not effect the outcome of the second event or the third event.
Conditional probability looks at events that are not independent of one another. It takes a look at a past performance that will influence a future performance in order to find the probability of the performance.
A Markov chain is similar to conditional probability. A Markov chain probability will look at the sequences of events where each probability is dependent on the results of a prior event or events. An example of a Markov chain probability would be if it is raining at a specific location, what is the probability that it will be raining still in 10 minutes? What is the probability that will be sunny in 10 minutes? What is the probability of whether it will be raining or sunny in the next hour? The Markov chain answers this by moving along a six 10-minute step period where each step affects the next.Learn more about Statistics
A binomial experiment is a type of probability distribution in statistics that defines the probability of only two possible outcomes. This experiment involves a specific number of independent trials that lead to exclusively dichotomous alternatives.Full Answer >
Cumulative probability is used in statistics to determine the probability of a particular outcome given the previous outcomes of the same problem with the same variables. For example, cumulative probability can be used to determine the probability that a coin flipped 10 times comes up twice as tails.Full Answer >
In probability, disjoint events are mutually exclusive, meaning that if one of the possible disjoint events occurs, the other cannot occur. For example, when a driver reaches an intersection, she may turn left or right, or go straight, but may not turn and go straight. Turning and driving straight are therefore disjoint events.Full Answer >
Theoretically, define the probability of a specific outcome of any event as the ratio of the number of outcomes that favor that specific outcome to the total number of possible outcomes of that event. Mathematically, define the probability of outcome "A" with this equation: P(A) = Number of outcomes that favor A / Number of every possible outcome.Full Answer >