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Science(Quantitative
Techniques in Business)
WENNIELYN C. JAVIER,MBA
Instructor
(Source: https://pixabay.com/illustrations/businessmen-team-group-cooperation-3110816/)
MODULE 1
Probability and Concepts
(Source: https://commons.wikimedia.org/wiki/File:Law_of_total_probability.png)
Topic Outline
• Introduction
• Basic Probability Concepts
• Sample Space
• Conditional Probability
• Binomial Probability
OBJECTIVES
• Define probability
• Determine the properties of probability
• Solve probabilistic problems
• Identify which solution is appropriate for a given problem
• Enumerate the terms used in studying probability
• List down the approaches to probability
• Apply the concepts in probability in solving business or
real-life problems
INTRODUCTION
The concepts in probability provide a good background to the
study of management science. They serve as foundation for
learning operations research (OR). Students who, for a variety of
reasons, were not introduced to statistics will be provided with
what they need to understand the subject matter. Likewise,
students who had previously discussed statistics may feel a bit
rusty or unsure of some of the concepts and need a quick review.
This chapter presents probability definitions, concepts, and
problems that can serve as a springboard for the following
chapters.
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DISCUSSION
1. Basic Probability Concepts
2. Sample Space
8. Conditional Probability
9. Joint Probability and Multiplication Rule