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Standard Normal Distribution


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probability
method or process for measuring and quantifying the likelihood of obtaining a specific score from a population of scores or a specific statistic from a specific population
Experiment
Attempts to find cause-effect relationships by imposing some kind of treatment on the experimental units.
event
favorable outcomes; the outcomes you want to see
outcome
results of experiment
Classical approach
based on assumption that all outcomes of experiment are equally likely
Empirical approach
based on what has happened in the past
the law of large numbers
(EA)- if you do something for a long enough time, the empirical probability will approach the true probability
special rule of addition
if two or more events are mutually exclusive, then the probability of one or the other happening is the sum of their individual probabilities; "or rule"
special rule of multiplication
to determine the probability of two or more mutually exclusive events happening one after another or in succession
Probability distribution
used to develop a measure of risk