Course #: MGMT650
Course Title: Statistics for Managerial Decision Making
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.
Reading:
Openstax Introductory Business Statistics Chapter 3
https://openstax.org/books/introductory-business-statistics/pages/3-introduction
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
https://www.youtube.com/watch?v=AY3O_qsSnbE
Joint Probability
https://www.youtube.com/watch?v=FWrEaSaW2mc
General Addition Rule
https://www.youtube.com/watch?v=QE2uR6Z-NcU
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.
