Core concepts of probability, Experiments, Outcomes, Events & Sample space, Addition, Multiplication and Bayes Theorem
What you will learn
By the end of the course, students would learn, understand and apply the core concepts of probability in business scenarios
By the end of the course, students would be able to learn, understand and apply addition theorems of probability in business scenarios
By the end of the course, students would be able to learn, understand and apply multiplication theorems of probability in business scenarios
By the end of the course, students would be able to learn, understand and apply, Bayes’ Theorem of probability and apply it in various business scenarios
Description
Quantitative Techniques involve the introduction of quantities and are essentially a helpful supplement to judgement and intuition. Quantitative Techniques provide the decision maker with a systematic and powerful means of analysis and help based on quantitative data, in exploring policies for achieving predetermined goals. Quantitative Techniques make use of scientific methods of management in decision making. During the course of the study, the student will learn those statistical techniques which help them in the decision making process. These techniques also help to develop a scientific basis for coping with the uncertainties of future demand and for dealing with such problems where quantitative techniques can be used to generate a least risk plan
Describe the core concepts of probability, explain the addition and multiplication theorems of probability and Bayes’ Theorem and apply it in various business scenarios
Basic Concepts: Random Experiment, Outcomes, Sample Space
Basic Concepts: Events – Equally Likely, Mutually Exclusive, Exhaustive, Mutually Exclusive and Exhaustive, Independent and Dependent Events
Basic Concepts: Events – Union of two Events, Intersection of two events and Compliment of an Event
Approaches / Definitions to / of Probability: Classical, Relative Frequency and Axiomatic approaches.
Theorems: Addition Theorem and Related Problems
Marginal, Conditional and Joint Probabilities: Multiplication Theorem
Bayes’ Theorem: Business Applications of Probability
References:
1) Quantitative Techniques in Management: N D Vora, Tata McGraw Hill.
2) Statistics for Management: Richard S Levin and David S Rubin, Prentice Hall of India, New Delhi
3) Complete Business Statistics: Aczel, Tata McGraw Hill.
4) Quantitative Techniques: P C Tulsian and Vishal Pandey, Pearson Education
Content