Probability Concepts and Discussion
1. Define probability and explain its three perspectives.
Provide an example of each.
2. Explain the concept of mutually exclusive events. How do you
compute the probability P(A or B) when A and B are, and are not, mutually
exclusive.
3. What is the standard error of the mean? How does it
relate to the standard deviation of the population from which a sample is
taken?
4. Describe the difference between subjective and
probabilistic sampling methods. What are the advantages and disadvantages and
disadvantages of each?
5. How does the t-distribution differ from the standard
normal distribution?
6. Discuss how confidence intervals can help in making decisions.
Provide some examples.
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