Section 5.1 Summary

1. Section 5.1 introduces the building blocks of probability, including the concepts of probability, outcome, experiment, and sample space. Probabilities always take values between 0 and 1, where 0 means that the outcome cannot occur and 1 means that the outcome is certain.
2. The classical method of assigning probability is used if all outcomes are equally likely. The classical method states that the probability of an event equals the number of outcomes in divided by the number of outcomes in the sample space.
3. The Law of Large Numbers states that, as an experiment is repeated many times, the relative frequency (proportion) of a particular outcome tends to approach the probability of the outcome. The relative frequency method of assigning probability uses prior knowledge about the relative frequency of an outcome. The subjective method of assigning probability is used when the other methods are not applicable.