Course description:

Probability theory for MBA students. This course is theoretical in nature.

Topics covered:

• Calculation of probabilities
   
• Probability distributions
  • Properties of probabilities
  • Describing probability distributions: modality, means, variance & skewness
     
• Random variables and events
  • Mutually exclusive events
  • Independent events
  • Expected value or a random variable
  • Variance of a random variable
  • Independence of random variables
  • Expected value and variance or linear combinations of random variables
     
• Conditional probability
  • Tables
  • Venn diagrams
  • Tree diagrams
  • Bayes' Theorem
  • Scenario evaluation and selection
     
• The Binomial distribution
  • Calculation of binomial probabilities
  • Expected values and variance of binomial random variables
     
• The Normal distribution
  • Calculation of Normal probabilities via Standard Normal tables
  • Expected values and variance of Normally distributed random variables
  • Percentile points of the Normal distribution
     
• The t-distribution
  • Expected values and variance of t-distributed random variables
  • Variance
     
• The Central Limit Theorem
  • Expected values and variances of means
  • Expected values and variances of sums
     
• Confidence Intervals
  • Calculating confidence intervals for means

Attendees should be enrolled or intending to enrol in a data analysis or statistics course at a tertiary institution.

Course attendees are required to bring their own scientific calculator. Attendees should bring exercises from their university course to work on during problem solving time.