A tree diagram is helpful for working with event intersections and conditional probabilities. A tree consists of nodes and branches representing different stages in an experiment. Tree 1 shows an ...

For each event, A, in S, the probability of event A, P(A), is a measure of the likelihood that the event will occur. Axioms are statements that are accepted without proof. The provide the foundation ...

Definition: Labour force participation rate is defined as the section of working population in the age group of 16-64 in the economy currently employed or seeking employment. People who are still ...

Definition: An extrinsic reward is a tangible and visible reward given to an individual or an employee for achieving something. They usually have monetary value such as a salary hike, bonus, award, or ...