Probability for Master Level Students (MBA MCom MBE)

GroupLayout: Probability for Master Level Students (MBA, MCom, MBE)

Headline: Master the Core Concepts of Probability with Real-World Business Applications 🎓💼

Course Description: Unlock the power of quantitative techniques with our comprehensive course designed for master's level students across MBA, MCom, and MBE programs. Dive into the world of probability, where you will be introduced to the fundamental concepts that underpin decision-making in business. This course is a crucial supplement to intuitive judgement, providing systematic and powerful analytical tools based on quantitative data.

Join us as we explore the scientific methods of management decision-making and learn how to apply statistical techniques effectively. Through this course, you will gain insights into managing uncertainties in future demands and solving problems where quantitative methods can minimize risk and enhance strategic planning.

Key Learning Outcomes:

• Understand Probability Basics: Grip the essentials of random experiments, outcomes, and sample spaces.

  • Random Experiment 🎲
  • Outcomes 🎫
  • Sample Space 📊

• Explore Events: Get to know different types of events, including equally likely, mutually exclusive, exhaustive, independent, and dependent events.

  • Equally Likely Events ⚙️
  • Mutually Exclusive & Exhaustive Events 📈
  • Independent vs Dependent Events 🔗

• Event Combinations: Learn about the union of two events, intersection, and the complement of an event.

  • Union of Two Events 🤝
  • Intersection of Two Events ⭕️
  • Complement of an Event ↔️

• Probability Approaches: Discover the classical, relative frequency, and axiomatic approaches to probability.

• Theorems & Applications: Master the addition theorem and its related problems, understand marginal, conditional, and joint probabilities via the multiplication theorem, and apply Bayes’ Theorem in diverse business contexts.

  • Addition Theorem and Related Problems ➕
  • Multiplication Theorem 🔁
  • Bayes’ Theorem: Business Applications 🧮

• Real-World Applications: Utilize your newfound knowledge to tackle real-world business problems with confidence and precision.

Course Resources:

• "Quantitative Techniques in Management" by N D Vora, Tata McGraw Hill.
• "Statistics for Management" by Richard S Levin and David S Rubin, Prentice Hall of India, New Delhi.
• "Complete Business Statistics" by Aczel, Tata McGraw Hill.
• "Quantitative Techniques" by P C Tulsian and Vishal Pandey, Pearson Education.

Join us on this mathematical adventure where you will not only understand the core concepts of probability but also learn to apply them effectively in the business world. Elevate your analytical skills, make data-driven decisions, and stand out in your professional journey with this master-level course! 🚀📚✨