What Dependent events is
Dependent events are events in which the outcome of one event influences the outcome of the other. Dependent events are also referred to as dependent trials or dependent experiments.
Steps for Dependent Events:
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Define the two events: The first step in assessing dependent events is to define the two events. The events must be related in some way to each other, such as the outcome of one event influencing the outcome of the other.
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Calculate the probability: The next step is to calculate the probability of the two events happening together. This is calculated by multiplying the probability of the first event by the probability of the second event.
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Assess the impact of one event on the other: It is important to assess the impact of one event on the other. This can be done by comparing the probability of the two events when the first event is included and when it is not included. If the probability of the two events happening together is higher than the probability of the second event happening on its own, then the first event has an impact on the second event.
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Determine whether the events are dependent or independent: Once the impact of one event on the other has been assessed, the events can be classified as either dependent or independent. If the probability of the two events happening together is higher than the probability of the second event happening on its own, then the events are dependent. If the probability of the two events happening together is lower than the probability of the second event happening on its own, then the events are independent.
Examples
- Assessing the probability of a certain medical procedure being successful or not based on patient demographics.
- Examining the effectiveness of a new marketing campaign based on the region in which it was implemented.
- Predicting future stock prices based on past performance.
- Estimating the likelihood of a natural disaster occurring in a certain area based on past weather patterns.
- Modeling the probability of a loan being repaid based on borrower income and credit score.