# Learning Objectives: Probability

Learning Objectives

Understand the role of probability in business statistics.

Define what a random experiment is.

Apply set theory and basic set operations in a business setting.

Explain effect of independence on the probability of an event.

Demonstrate when and how to use conditional probability and joint probability.

Demonstrate how to use Bayesâ€™ theorem to find an unknown probability given other known probabilities.

Use combinatorics, including permutations and combinations, to calculate the probability of an event.