8 Basics of Probability For Projects

8 Basics of Probability for Projects

When you perform probabilistic analysis for projects, you will need some of the basics of probability for projects which I am going to talk about in this article.  Here are some of the probabilities for projects that you need to know for project execution.

#1 SUM OF PROBABILITIES

This is the sum of probabilities of all possible events which must be equal to 1 or 100 percent.

#2 PROBABILITY OF SINGLE EVENT

This is the probability of any single event which must be greater than or equals to zero and less than or equals to one.

#3 DEPENDENT JOINT EVENTS

The probability of joint events is the product of the probability that one event occurs and the probability that another event occurs given that the first event has occurred. Under these circumstances, the events are considered to be dependent (connected in some ways with each other).

#4 INDEPENDENT JOINT EVENTS

When the probability of joint events occurring in the product of the probabilities of each, the events are considered to be independent (the two events have nothing in common and they may occur simultaneously).

#4 MEAN

This is the sum of events divided by the number of occurrences of such events.

#6 MEDIAN

This is the number that separates the higher half a probability distribution from the lower half. It is not the same as the average, although the two are often confused.

#7 AVERAGE

This is the number that typifies the data in a set. It is calculated by adding the values of a group of numbers and dividing that total by the number of the project included.

#8 STANDARD DEVIATION

This is the measure of the spread of the data or the statistical dispersion of the value in your data set.

Now your take on this argument.

We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.