Wednesday July 27th
Business Statistics Lecture 2
THREE APPROACHES TO ASSESSING PROBABILITY
A priori classical probability
Based on prior knowledge.
Empirical classical probability
Based on observed data.
Based on individual judg
Business Statistics 1
Tutorial (Week 3)
Questions for in-class tutorial:
Q1. Given the contingency table above, what is the probability of
a. Event A? P(A)=30/90=1/3
b. Event B? (Self-Study) P (A and B) = 10/
Wednesday August 3rd
Business Statistics Lecture 3
INTRODUCTION TO PROBABILITY DISTRIBUTIONS
Represents a possible numerical value from an uncertain event.
DISCRETE RANDOM VARIABLES
Can only assume a countable number of values.
Wednesday July 20th
Business Statistics Lecture 1
WHAT IS BUSINESS STATISTICS?
It is an application of statistics in the workplace.
WHERE WILL WE USE IT?
Can use statistics to predict a firm declaring bankruptcy, default on loans.