BMGT 230 Lecture Notes - Lecture 9: Conditional Probability

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 230
• Professor: Radu Lazar

Document Summary

Bmgt230 lecture 8 feb 22nd, 2017. If two events are dependent, the occurrence of one event results in the occurrence of the other. Conditional probability probability (a|b) (a given b) = p(a and b)/p(b: this is true if p(b) > 0. Probability (b|a) (b given a) = p(a and b)/p(a: this is true if p(a) > 0. P(ab) = p(a) if and only if a and b are independent. Example 2 56% percent of all american workers have a workplace retirement plane, 68% have health insurance, and 49% have both. No, (cid:271)e(cid:272)ause you (cid:272)a(cid:374)"t have (cid:271)oth a retire(cid:373)e(cid:374)t pla(cid:374)e a(cid:374)d health i(cid:374)sura(cid:374)(cid:272)e. Example 3 a european department store is developing a new advertising campaign for their new us location, and their marketing managers need to better understand their target market. Based on the survey responses, a joint probability table than an adult shops at their new us store classified by their age is shown below.