Course Outcome
- To recall key terms and concepts of probability theory, and basic definitions of discrete and continuous distributions.
- To describe the rules of probability, expected value, and variance, and explain their roles in probability distributions
- To apply the addition and multiplication rules of probability, calculate expected value and variance for discrete distributions, and use appropriate probability distributions to solve real-world problems.
- To analyze different probability distributions by comparing their characteristics, such as the expected value and variance, and evaluate how they apply in real-life scenarios, including business and economics.
- To evaluate the effectiveness of using Bayes’ Theorem, discrete distributions and continuous distributions in decision-making processes, and justify the choice of models in various applied contexts.
