In order to use Venn diagrams when talking about events, we must first understand the term 'mutually exclusive'. Imagine there are two events: event A and event B. If they both cannot happen at the ...

Sometimes we want to know the probability of getting one result or another. The OR rule can help us here if the two results are mutually exclusive. Mutually exclusive means that the two outcomes of ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

a priori Probability: the probability that we determine from knowing the process by which the uncertain event happens (by logically examining existing information). Certain Event: event that is sure ...

Probability Distribution Notes: Probability is a fundamental aspect of mathematics that helps us understand and quantify uncertainty. Mastery of this subject is essential for students, as it has ...

This applet allows the user to select the probability of heads and the number of tosses. By clicking the "TOSS" button, the applet shows the process of tossing coins virtually and calculates the ...