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Course #: MGMT650

Course Title: Statistics for Managerial Decision Making

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## Week 3: Introduction to Probabilities: determining the numerical value that indicates the chance, or likelihood, of a specific event occurring. These measure help managers make educated decisions for their companies.

Learning Objectives:

1. Discuss the different types of probabilities (classical, empirical, subjective)

2. What are the basic properties and rules used in calculating probabilities?

3. Probability rules for more than one event.

Openstax Introductory Business Statistics Chapter 3

Introduction to Probability

com/hyperstat/probability.html” target=”_blank” rel=”nofollow noopener”>http://davidmlane.com/hyperstat/probability.html

https://courses.lumenlearning.com/boundless-statistics/chapter/probability-rules/

https://courses.lumenlearning.com/boundless-statistics/chapter/what-are-the-chances/

Optional Web sites

https://saylordotorg.github.io/text_introductory-statistics/s07-basic-concepts-of-probability.html

Events and Sample Spaces

edu/~kkirkpat/SampleSpace.pdf” target=”_blank” rel=”nofollow noopener”>http://www.math.uiuc.edu/~kkirkpat/SampleSpace.pdf

Simple Probability

Joint Probability

Multiplication Rules

org/lessons/lesson.aspx?file=Algebra_ProbabilityMultiplicationRule.xml” target=”_blank” rel=”nofollow noopener”>http://www.algebralab.org/lessons/lesson.aspx?file=Algebra_ProbabilityMultiplicationRule.xml

Assignments:

Quiz3: Complete Quiz3 in the LEO classroom. Access the quiz from “My Tools->Quizzes”. The quiz will be available on the first day of the week. Note that the quiz will automatically lock at 11:59 on Tuesday. Any extensions should be requested in advance.

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