What is the difference between the Relative Frequency Approximation of Probability and the Classical Approach to Probability? What happens when a procedure is repeated again and again?

- The probability of a certain event can't be greater than 1 or less than zero. Why not?

- What is a compound event? Describe the difference between P(A or B) and P(A and B)?

- What is a complementary event? What is the sum of the probability of A and the probability of the complement of A?

- What is a random variable and what is a probability distribution? Describe the difference between continuous random variables and discrete random variables? Provide an example of each.

- What are the main parameters of a probability distribution?

- How we can use the mean and the standard deviation to calculate the maximum and minimum significant values?

- Recall the definition of a complementary event, and explain your understanding of a binomial probability distribution.

- What is the formula used to calculate the probability of a single event in binomial probability distribution?

- For binomial distributions, there are 3 very simple formulas used to calculate the mean, variance and standard deviation. List these 3 formulas.