Concept of Probability

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  Business Statistics Concept of Probability  ABUS006-3-2-Business Statistics Concept of Probability Slide 2 (of 50) Topic & Structure of the lesson    Introduction  Terminologies  Rules of Probability  Tree Diagram  Use of Venn diagram to solve probability  Contingency tables  Posterior Probability  ABUS006-3-2-Business Statistics Concept of Probability Slide 3 (of 50) Learning Outcomes    At the end of this topic , You should be able to  Model /analyse simple business situations using probability.  ABUS006-3-2-Business Statistics Concept of Probability Slide 4 (of 50) Key Terms you must be able to use   If you have mastered this topic, you should be able to use the following terms correctly in your assignments and exams:  Addition Rule  Mutually Exclusive  Not mutually exclusive  Multiplication Rule  With Replacement  Without Replacement  Independent events  Dependent events  Probability tree diagram  Conditional Probability
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