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Intro to Business Statistics: Probability Concepts

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0% found this document useful (0 votes)
11 views58 pages

Intro to Business Statistics: Probability Concepts

Uploaded by

Levi Alves
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

INTRODUCTORY BUSINESS STATISTICS

PROBABILITY TOPICS
2
LEARNING OUTCOMES

By the end of this class, the student should be able


to:
• Understand the terminology of probability.
• Understand Basic Laws of Probability.
• Determine mutually exclusive and independent.
• Construct and interpret Contingency Tables.
• Understand discrete probability distribution
functions, in general.
• Recognize the Binominal distribution and Poisson
distribution and apply them appropriately.
3
PART 1: TERMINOLOGY
Chapter 3.1 & 3.5
4
TERMINOLOGY

• Experiment is a planned activity carried out


under controlled conditions.
• Outcome is a particular result of an
experiment.
• Sample Space is the set of all possible
outcomes of an experiment.
• Event is a subset of outcomes from the sample
space.
• Probability of any outcome is the long-term
relative frequency of that outcome.
5
BASIC LAWS OF PROBABILITY

1. Probabilities are between zero and one,


inclusive.
2. P(A) = 0 means the event A never happen.
3. P(A) = 1 means the event A always happens.
4. The sum of the probabilities of all events in a
sample space must be equal to 1.
6
TERMINOLOGY

• " ∪ " Event: The Union


An outcome is in the event A ∪ B if the outcome
is in A or is in B or is in both A and B.

For example, if we have the following:


A = {1, 2, 3, 4, 5, 6}
B = {6, 7, 8, 9}
Then, A ∪ B = {1, 2, 3, 4, 5, 6, 7, 8, 9}.
Notice that 6 is NOT listed twice.
7
TERMINOLOGY

• Sometimes, we will use a Venn diagram to


represent the outcomes.
S

• A Venn diagram is a picture that represents the


outcomes of an experiment.
8
TERMINOLOGY

• " ∩ " Event: The Intersection


An outcome is in the event A ∩ B if the outcome is
in both A and B at the same time.

For example, if we have the following:


A = {1, 2, 3, 4, 5, 6}
B = {6, 7, 8, 9}
Then A ∩ B = {6}
9
TERMINOLOGY

• A′ (read "A prime")


The complement of event A is denoted A′. It
consists of all outcomes that are NOT in A. Notice
that P(A) + P(A′) = 1.
• P(A | B)
The conditional probability of A given B is written
P(A | B). It is the probability that event A will occur
given that the event B has already occurred.
10
EXAMPLE

• The sample space S is the whole numbers


starting at one and less than 20.
Question
• Let event A = the even numbers and event B =
numbers greater than 13.
a. S = ________
b. A = ________, P(A) = ________
c. B = ________, P(B) = ________
d. A ∪ B = ________, P (A ∪ B) = ________
e. A ∩ B = ________, P (A ∩ B) = ________
f. P(A | B) = ________, P(B | A) = ________
11
EXAMPLE

Solution
a. S = {1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14,
15, 16, 17, 18, 19}
b. A = {2, 4, 6, 8, 10, 12, 14, 16, 18}, P(A) =
c. B = {14, 15, 16, 17, 18, 19}, P(B) =
12
EXAMPLE

Solution
d. A ∪ B = {2, 4, 6, 8, 10, 12, 14, 15, 16, 17, 18,
19}, P (A ∪ B) =
e. A ∩ B = {14,16,18}, P (A ∩ B) =
13
EXAMPLE

Solution
f. P(A | B) =
P(B | A) =
As you can see, P(A | B) and P(B | A) are not
equal.
14
PART 2: INDEPENDENT AND MUTUALLY EXCLUSIVE EVENTS
Chapter 3.2
15
INDEPENDENT EVENTS

• Two events A and B are independent if the


knowledge that one occurred does not affect
the chance the other occurs.
• If two events are NOT independent, then we
say that they are dependent.
16
INDEPENDENT EVENTS

• For example, the outcomes of two roles of a fair


die are independent events.
• The outcome of the first roll does not change
the probability for the outcome of the second
roll.
17
MUTUALLY EXCLUSIVE EVENTS

• A and B are mutually exclusive events if they


cannot occur at the same time.
• If A occurred, then B cannot occur and vise-a-
versa. This means that A and B do not share
any outcomes and P(A∩B)=0.
• Note: Independent and mutually exclusive do
not mean the same thing.
18
PART 3: CONTINGENCY TABLES
Chapter 3.4
19
CONTINGENCY TABLES

• A contingency table provides a way of


portraying data that can facilitate calculating
probabilities.
• The table helps in determining conditional
probabilities quite easily.
• The table displays sample values in relation to
two different variables that may be dependent
or contingent on one another.
20
EXAMPLE

• Suppose a study of speeding violations and


drivers who use cell phones produced the
following fictional data:
Driver had a Driver had no
Total
violation violation

Driver is a cell
25 280 305
phone user

Driver is not a
45 405 450
cell phone user

Total 70 685 755


21
EXAMPLE

Question
• Calculate the following probabilities using the
table.
a. Find P(Driver is a cell phone user).
b. Find P(Driver had no violation ∩ is a cell phone user).
c. Find P(Driver is a cell phone user ∪ driver had no
violation).
d. Find P(Driver is a cell phone user | driver had a
violation).
22
EXAMPLE

Solution
a. Find P(Driver is a cell phone user).

b. Find P(Driver had no violation ∩ is a cell phone user).


23
EXAMPLE

Solution
c. Find P(Driver is a cell phone user ∪ driver had no
violation).

d. Find P(Driver is a cell phone user | driver had a


violation).

Note: The sample space is reduced to the number of


drivers who had a violation.
24
EXAMPLE

• The following table describes the distribution of


a random sample S of 100 individuals,
organized by gender and whether they are
right- or left-handed.

Right- Left-
handed handed
Males 43 9

Females 44 4
25
EXAMPLE

Question
• Let’s denote the events M = the subject is male,
F = the subject is female, R = the subject is
right-handed, L = the subject is left-handed.
a. P (M ∩ R) = ?
b. P (F | L) = ?
c. P(M) = ?
26
EXAMPLE

Solution
a. P (M ∩ R) = 43 / 100 = 0.43
b. P (F | L) = 4 / (9 + 4) = 0.3077
c. P(M) = (43 + 9) / 100 = 0.52
27
PART 4: DISCRETE RANDOM
VARIABLES
Chapter 4: Introduction
28
DISCRETE RANDOM VARIABLES

• Discrete data are data that you can count, that


is, the random variable can only take on whole
number values.
• A random variable describes the outcomes of
a statistical experiment in words.
• The values of a random variable can vary with
each repetition of an experiment, often called a
trial.
29
RANDOM VARIABLE NOTATION

• The upper-case letter X denotes a random


variable.
• Lower-case letters like x or y denote the value
of a random variable.
• If X is a random variable, then X is written in
words, and x is given as a number.
30
RANDOM VARIABLE NOTATION

For example:
• X = the number of heads you get when you
toss three fair coins.
• Sample space is TTT; THH; HTH; HHT; HTT;
THT; TTH; HHH.
• x = 0, 1, 2, 3.
Here, X is in words and x is a number
31
PROBABILITY DENSITY FUNCTIONS (PDF)

• Probability Distribution Function (PDF) is a


mathematical description of a discrete random
variable (RV).
• It is given either in the form of an equation
(formula) or in the form of a table.
32
PROBABILITY DENSITY FUNCTIONS (PDF)

• A probability density function has two


characteristics:
1. Each probability is between zero and one,
inclusive.
2. The sum of the probabilities is one.
33
COUNTING FORMULAS

• To repeat, the probability of event A , P(A), is


simply the number of ways the experiment will
result in A, relative to the total number of
possible outcomes of the experiment.
• As an equation this is:
34
COUNTING FORMULAS

Why do we need this formula?


• When we looked at the sample
space for flipping 2 coins, we
could easily write the full sample
space.
• As we have larger numbers of
items in the sample space, such
as a full deck of 52 cards, the
ability to write out the sample
space becomes impossible.
35
EXAMPLE

• A box contains 30 red balls and 20 blue balls.


Ten balls are picked at random.
Question
1. What is the probability of getting 5 blue balls?
2. What is the probability of getting more than 5
blue balls?
3. What is the probability of getting less than 4
blue balls?
36
EXAMPLE

Solution
1. What is the probability of getting 5 blue balls?
• P(x = 5)
2. What is the probability of getting more than 5
blue balls?
• P(x > 5)
3. What is the probability of getting less than 4
blue balls?
• P(x < 4)
37
EXAMPLE

• If we have following data from an experiment:


x P(x)
0 0.12
1 0.18
2 0.30
3 0.15
4 ?
5 0.10
6 0.05

Question
1. P(x = 4) = ?
2. P(x ≥ 5) = ?
38
EXAMPLE

Solution
1. P(x = 4) = 1 – [P(x = 0) + P(x = 1) + P(x = 2) +
P(x = 3) + P(x = 5) + P(x = 6)] = 1 – [0.12 +
0.18 + 0.30 + 0.15 + 0.10 + 0.05] = 0.10
2. P(x ≥ 5) = P(x = 5) + P(x = 6) = 0.10 + 0.05 =
0.15
39
PART 5: BINOMIAL DISTRIBUTION
Chapter 4.2
40
BINOMIAL DISTRIBUTION

• Flipping a coin is a binomial process because


the probability of getting heads or tails does
not depend upon what has happened in
PREVIOUS flips.
41
BINOMIAL DISTRIBUTION

• The binomial distribution will compute


probabilities for any binomial process.
• A binomial process is any case where there are
only two possible outcomes in any one trial,
called successes and failures.
42
BINOMIAL DISTRIBUTION

Characteristics
1. There are only two possible outcomes for
each trial. The letter p denotes the probability
of a success on any one trial, and q denotes
the probability of a failure. Here, p + q = 1.
2. There are a fixed number of trials, n.
3. All trials are independent and are repeated
using identical conditions.
43
BINOMIAL DISTRIBUTION

• b(x) is the probability of X successes in n trials


when the probability of a success in ANY ONE
TRIAL is p.
44
EXAMPLE

• A fair coin is flipped 15 times. Each flip is


independent. Let X = the number of heads in 15
flips of the fair coin. X takes on the values 0, 1,
2, 3, ..., 15.
Question
• What is the probability of getting more than ten
heads? State the probability question
mathematically.
45
EXAMPLE

Solution
• P(x > 10)
46
EXAMPLE

• Sixty-five percent of people pass the state


driver’s exam on the first try. A group of 50
individuals who have taken the driver’s exam is
randomly selected.
Question
• Why this is a binomial problem?
47
EXAMPLE

Solution
• There are only two possible outcomes for the
exam: pass or fail.
48
PART 6: POISSON DISTRIBUTION
Chapter 4.4
49
POISSON DISTRIBUTION

• Poisson distribution, or waiting time distribution


is used to determine how many checkout clerks
are needed to keep the waiting time in line to
specified levels, how may telephone lines are
needed to keep the system from overloading,
and many other practical applications.
50
POISSON DISTRIBUTION

• Poisson Probability Distribution is a discrete


random variable that counts the number of
times a certain event will occur in a specific
interval.
51
POISSON DISTRIBUTION

Characteristics
1. The probability that the event occurs in a
given interval is the same for all intervals.
2. The events occur with a known mean and
independently of the time since the last event.
52
POISSON DISTRIBUTION

• P(X) is the probability of X successes,


• μ is the expected number of successes based
upon historical data,
• e ≈ 2.718282…… (mathematical constant)
• X is the number of successes per unit, usually
per unit of time.
53
EXAMPLE

• You drive your Mercedes-AMG to buy a cup of


Starbucks from the drive-through window. As a
student who get the A in BUSI 2342, you are
interested in your waiting time.
Question
• What’s the probability that a drive-through
window will have three customers in one
minute? Recall that the window usually has two
customers per minute. P(X=3)
54
EXAMPLE

Solution
• Let X = the number of coming in one minute.
•We want to calculate the probability of
having 3 customers in one minute, so x = 3.
• The window usually has two customers per
minute, thus μ = 2.
• We can use either the formula or Excel to
solve this question.
55
EXAMPLE

Using formula to solve this question.

• Note: The factorial of n or n! = n x (n - 1) x (n -


2) x … x 1
56
EXAMPLE

Using Excel to solve this question


(Recommend)
• Download “CH04-Poisson [Link]”
from Canvas -> Week 3 - Discrete Random
Variables Enter given
values here
57
EXAMPLE

Solution
• We can say that there is a 18.04% chance that
the drive-through window will have three
customers in one minute.
58
SUMMARY

• Part 1: Terminology (Chapter 3.1 & 3.5)


• Part 2: Independent and Mutually Exclusive
Events (Chapter 3.2)
• Part 3: Contingency Tables (Chapter 3.4)
• Part 4: Discrete Random Variables (Chapter 4
Introduction)
• Part 5: Binomial Distribution (Chapter 4.2)
• Part 6: Poisson Distribution (Chapter 4.4)

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