Important Terms >Probability:the chance that an uncertain event will occur (always between 0 and 1) >Event:Each possible type of occurrence or outcome (Impossible Event,Certain Event) >Simple Event:an event that can be described by a single characteristic >Sample Space:the collection of all possible events Statistics for Managers Using Microsoft Excel Chap 4-5 Tongji University,School of Economics Management Statistics for Managers Using Microsoft Excel Chap 4-5 Tongji University, School of Economics & Management Important Terms  Probability: the chance that an uncertain event will occur (always between 0 and 1)  Event: Each possible type of occurrence or outcome (Impossible Event, Certain Event)  Simple Event: an event that can be described by a single characteristic  Sample Space: the collection of all possible events