Probability Theory and Distribution Revision

Number of Pages: 80 Pages
Number of Full exam Set Questions: 49 Questions with Answers
Subtopics covered:

Probability Theory and Distribution

• Probability Theory
• Definitions; event, outcome, experiment, sample space, probability space
• Types of events: elementary, compound, dependent, independent, mutually exclusive, exhaustive, mutually inclusive
• Laws of probability; additive and multiplicative laws
• Conditional probability and probability trees
• Expected value, variance, standard deviation and coefficient of variation using frequency and probability
• Application of probability and probability distributions to business problems
• Discrete and continuous probability distributions Z, F, test statistics (geometric, uniform, normal, t distribution, binomial, Poisson and exponential and chi-square)
• Application of probability distributions to business problems