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EIB-504 Spring 24 Lecture 3
EIB-504 Spring 24 Lecture 3
EIB-504 Spring 24 Lecture 3
Probability
Population Sample
Statistics
• There are three “favorable” outcomes (a two, a four, and a six) in the collection of
six equally likely possible outcomes.
Business Statistics Saiful Islam
10
Executive MBA Program, 1st Semester 2024 Dept. of International Business
Mutually Exclusive and Collectively Exhaustive Events
• Events are mutually exclusive if • Events are collectively
the occurrence of any one exhaustive if at least one of the
event means that none of the events must occur when an
others can occur at the same experiment is conducted.
time.
• Events are independent if the
occurrence of one event does
not affect the occurrence of
another.
• Suppose that in addition to selecting the group, he must also rank each of the
players in that starting lineup according to their ability.
12!
12 P 5 95,040
(12 5)!
Business Statistics Saiful Islam
32
Executive MBA Program, 1st Semester 2024 Dept. of International Business
Counting - Combination
• A combination is the number of ways to choose r objects from a group of n
objects without regard to order.
• There are 12 players on the Carolina Forest High School basketball team. Coach
Thompson must pick five players among the twelve on the team to comprise the
starting lineup. How many different groups are possible?
12!
12 C5 792
5!(12 5)!
Business Statistics Saiful Islam
33
Executive MBA Program, 1st Semester 2024 Dept. of International Business
End of Lecture 3
* All clipart, image and graphics are sourced from Google webpage