- Submitted By: fool2study
- Date Submitted: 09/22/2015 8:53 AM
- Category: Business
- Words: 773
- Page: 4

BUSINESS TERMS

Algorithm - A set of logical and mathematical operations performed in a specific sequence.

Bayes’ Theorem - A formula that is used to revise probabilities based on new information.

Bernoulli Process - A process with two outcomes in each of a series of independent trials in which the probabilities of the outcomes do not change.

Binomial Distribution - A discrete distribution that describes the number of successes in independent trials of a Bernoulli process.

Break-Even Point - The quantity of sales that results in zero profit.

Classical or Logical Approach - An objective way of assessing probabilities based on logic.

Collectively Exhaustive Events - A collection of all possible outcomes of an experiment.

Conditional Probability - The probability of one event occurring given that another has taken place.

Continuous Probability Distribution - A probability distribution with a continuous random variable.

Continuous Random Variable - A random variable that can assume an infinite or unlimited set of values.

Dependent Events - The situation in which the occurrence of one event affects the probability of occurrence of some other event.

Deterministic Model - A model in which all values used in the model are known with complete certainty.

Discrete Probability - Distribution A probability distribution with a discrete random variable.

Discrete Random Variable - A random variable that can only assume a finite or limited set of values.

Expected Value - The (weighted) average of a probability distribution.

F Distribution - A continuous probability distribution that is the ratio of the variances of samples from two independent normal distributions.

Independent Events - The situation in which the occurrence of one event has no effect on the probability of occurrence of a second event.

Input Data - Data that are used in a model in arriving at the final solution.

Joint Probability - The probability of events occurring together (or one after the...

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