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 Bayes’ theorem to find an unknown probability given other known probabilities.
Use combinatorics, including permutations and combinations, to calculate the probability of an event.