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Dick!;)
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What is the difference between an outcome and a favorable outcome?
An outcome is any result or consequence, good or bad, desired or undesired. A favorable outcome is the desired consequence. Your right but you should giva an example like i rolled a number six and my favorable outcome is i would like to rool a two.
The probability of an outcome that is unwanted occuring is called?
The probability of failure. Actually, the phrases used have very confusing connotations. When studying the risk of people being killed by lightning strikes, a "success" or the "desired outcome" is death caused by lightning. I somehow doubt that the person struck would consider it a desired outcome or a success!
What is the formula for calculating probability?
short answer; it depends. Generally, you can say the probablility of an event having a specific outcome is the number of ways in which that outcome can occur divided by the total number of ways any outcome can occur. For example, the likelihood of drawing a heart from a standard 52 card deck is 13/52 because there are 13 possible results that have the desired outcome (IE 13 heart cards) and 52 total possible outcomes (52 possible cards).
What is the Possible result of a probability event called?
It Is Called An Outcome :) ( YOur Welcome)
What is the sum of the probabilities of each outcome multiplied by the outcome value?
expected value
