Intro to Business Statistics

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Outcome

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Intro to Business Statistics

Definition

An outcome is a possible result of a random experiment or trial. It is a specific occurrence from the set of all potential outcomes, known as the sample space.

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5 Must Know Facts For Your Next Test

  1. Outcomes are the individual results that can occur in an experiment.
  2. The collection of all possible outcomes forms the sample space.
  3. Outcomes can be either simple (a single event) or compound (a combination of events).
  4. In probability, each outcome has an associated probability value between 0 and 1.
  5. Mutually exclusive outcomes cannot occur simultaneously.

Review Questions

  • What is an outcome in the context of a random experiment?
  • How does an outcome differ from a sample space?
  • Can you provide an example of mutually exclusive outcomes?
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