MGMT 1050 Lecture 4: MGMT 1050 - Lecture 4 Notes
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Probability is a numerical expression of the likelihood that an event will occur. Can be expressed as a fraction, decimal, or percent. The probability of an impossible event is 0. Analytical: based on analysis of a fundamental process, coins: p(head) = p(tail) = 0. 5, dice: p (1) = p (2) = = p (6) = 1/6. Relative frequency: based on statistics and analysis of history, probability that a job candidate is offered a job in a month is 80, probability that more than 20% of all flights are delayed in day is 5% Suppose there are n number of possible outcomes in an experiment. A process or course of action that results in one several possible outcomes. The outcome that occurs cannot be predicted with certainty. A list of all possible outcomes of a random experiment. The outcomes listed must be mutually exclusive and exhaustive. Mutually exclusive: events cannot occur at the same time.