Types of Events
Event means one (or more) outcomes.
An event with only one outcome: - Getting a Tail when tossing a coin is an event - Rolling a "5" is an event.
An event with several outcomes: - Choosing a "King" from a deck of cards (any of the 4 Kings) - Rolling an "even number" (2, 4 or 6)
Types of Events
1. Independent
Each event is NOT affected by any other events
Example: Toss a coin three times and it comes up 'Head' each time. What is the chance of 'Tail' in the next toss? Answer: It is always 50%. Gambler's Fallacy: 'A tail is due' or'Just one more go, my luck is due'
2. Dependent
An event can be affected by previous events
Also called Conditional probability*
Example: Chance of drawing a King 1st Attempt: 4 out of 52
If 1st card was a King, 2nd card has less chances to be King. 3/51
If 1st card was NOT a King, 2nd card has more chances to be King. 4/51
3. Mutually Exclusive
Events that can't happen at the same time
Example: Heads and Tails are Mutually Exclusive
Conditional Probability*
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