Business Math (MIB): 2013-14

Class Preparation Assignment (CPA) - Class 1

1. Read Measuring Uncertainty chapter from the book

2. In particular, understand:
a. How probability is measured (pg 309)
b. Difference between outcomes and events (pg 312 & 313)
c. How and when events are combined? (pg 323)

3. Browse and review rest of the chapter with particular focus on:
a. What are conditional probabilities? (pg 330)
b. How & when joint probabilities used and calculated (pg 338)
c. What are tree diagrams? (pg 345)


Hints for effective use of CPAs:

A. As the name suggests, these are meant to help you prepare for
your class.

B. Your goal should be to understand, not memorize. If you find
yourself memorizing, you are probably doing something wrong.

C. Read the Contexts and Objectives section of the chapter as
well. It is short and it sets the stage nicely for what to expect in the
chapter, and why it is important.

D. Use the Check This (green) sections to relate your understanding
of the concepts with the real world. This will not only help you
understand the concept better, but will also make the material
more interesting and useful in the real world.

E. Use Work Card (yellow) sections to practice and test your
understanding. These sections give solutions, but Id encourage you
to resist the temptation to look at the solutions right away. Instead,
try to solve the problem on your own first before verifying it with the
given solution.