Lecture 4.pdf - BUSN1009 Quantitative Methods LECTURE 4...

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LECTURE 4 PROBABILITY II Reading: Ch 5.1 – 5.3 BUSN1009 Quantitative Methods
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2 Today’s lecture Discrete probability distributions Ch 5.1 & 5.2 Mean (expected value) and Standard deviation Two discrete random variables (X & Y) Covariance between X and Y Mean and standard deviation of (X ± Y) Binomial distribution Ch 5.3 Probability calculations Mean and standard deviation
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3 Discrete vs Continuous Distributions Random Variable — a variable which contains the outcomes (values) of a chance experiment Discrete Random Variable —a variable that can take a countable number of possible values. Number of bad cheques received by a restaurant Number of absent employees on a given day Continuous Random Variable — can take values at every point over a given interval. Elapsed time between arrivals of bank customers Percent of the labor force that is unemployed
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