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Management Science - Chapter 1

The document is a module on probability concepts that will serve as the foundation for studying management science and operations research. It outlines 10 topics on probability that will be discussed, including basic probability concepts, sample spaces, events, mutually exclusive and non-mutually exclusive events, approaches to probability, combinations, addition and multiplication rules, conditional probability, joint probability, and binomial probability. The objectives are to define probability, solve probabilistic problems, and apply probability concepts to business problems.

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Graciela Inacay
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1K views38 pages

Management Science - Chapter 1

The document is a module on probability concepts that will serve as the foundation for studying management science and operations research. It outlines 10 topics on probability that will be discussed, including basic probability concepts, sample spaces, events, mutually exclusive and non-mutually exclusive events, approaches to probability, combinations, addition and multiplication rules, conditional probability, joint probability, and binomial probability. The objectives are to define probability, solve probabilistic problems, and apply probability concepts to business problems.

Uploaded by

Graciela Inacay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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M an agem en t

Science(Quantitative
Techniques in Business)
WENNIELYN C. JAVIER,MBA
Instructor

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MODULE 1
Probability and Concepts

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Topic Outline
• Introduction
• Basic Probability Concepts

• Sample Space

• Events and Experiments

• Mutually Exclusive Events

• Three Approaches of Probability

• Use of Combination in Probability

• Addition Rule for Mutually Exclusive and Non-mutually Exclusive Events

• Conditional Probability

• Joint Probability and Multiplication Rule

• 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

3. Events and Experiments


4. Mutually Exclusive Events

5. Three Approaches of Probability


6. Use of Combination in Probability
7. Addition Rule for Mutually Exclusive
and Non-mutually Exclusive Events

8. Conditional Probability
9. Joint Probability and Multiplication Rule

10. Binomial Probability


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