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Five-Step Process for Calculating Probabilities

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What are the five steps for calculating probabilities of events? Please apply these steps to an example.

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Solution Summary

This solution provides a five-step process for calculating probabilities of events illustrating the process through an illustrative example.

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The steps for calculating probabilities of events are as follows:

1. Define the experiment, i.e., describe the process used to make an observation and the type of observations that will be recorded.

2. List the simple events.

3. Assign probabilities to the simple events.

4. Determine the collection of simple events contained in the event of interest.

5. Sum the simple events probabilities to get the event probability.

As an example we will look at the following ...

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