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Understanding Probability in Business Statistics

Chapter 4 of 'Business Statistics' by Ken Black focuses on discrete distributions and probability concepts. It covers methods of assigning probabilities, including classical, relative frequency, and subjective probability, as well as the structure of probability, including events, sample spaces, and various types of probabilities. The chapter also explains laws of probability, such as addition and multiplication, and provides examples to illustrate these concepts.

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0% found this document useful (0 votes)
6 views41 pages

Understanding Probability in Business Statistics

Chapter 4 of 'Business Statistics' by Ken Black focuses on discrete distributions and probability concepts. It covers methods of assigning probabilities, including classical, relative frequency, and subjective probability, as well as the structure of probability, including events, sample spaces, and various types of probabilities. The chapter also explains laws of probability, such as addition and multiplication, and provides examples to illustrate these concepts.

Uploaded by

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

Business Statistics, 3e

by Ken Black

Discrete Distributions
Chapter 4
Probability

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-1
Learning Objectives
• Comprehend the different ways of assigning
probability.
• Discuss the structure of probability
• Understand and apply marginal, union,
joint, and conditional probabilities.
• Select the appropriate law of probability to
use in solving problems.
• Solve problems using the laws of
probability including the laws of addition,
multiplication and conditional probability
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-2
Methods of Assigning Probabilities

• Classical method of assigning probability


(rules and laws)
• Relative frequency of occurrence (cumulated
historical data)
• Subjective Probability (personal intuition or
reasoning)

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-3
Classical Probability

• Number of outcomes leading


P( E )  n
to the event divided by the 1
e
chance to roll a 4
total number of outcomes N 6
possible Where :
N total number of outcomes
• Each outcome is equally likely
n e
number of outcomes in E
• Determined a priori -- before
performing the experiment

• Applicable to games of chance

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-4
Relative Frequency Example
#Children Freq rel. freg
0 40 -
1 80 80/215= .37
2 50 -
3 30 -
4 10 -
5 5 -
sum 215
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-5
Subjective Probability
• Comes from a person’s intuition or
reasoning

• Useful for unique (single-trial) experiments


– New product introduction
– Initial public offering of common stock
– Site selection decisions
– Sporting events

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-6
Structure of Probability
• Experiment
• Event
• Elementary Events
• Sample Space
• Unions and Intersections
• Mutually Exclusive Events
• Independent Events
• Collectively Exhaustive Events
• Complementary Events
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-7
Structure of Probability
~Experiment Definitions

• Experiment: a process that produces outcomes


– An activity such as tossing a coin
– Selecting a part from an assembly line

• Event: an outcome of an experiment


– Getting 2 heads from the experiment of tossing a coin twice
– Selecting an unusable part from an assembly line

• Sample Space: list of all possible events


– If you toss a coin twice, the sample space is:
HH, HT, TH, TT

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-8
An Example Experiment
Experiment: Randomly select, without
replacement, two families from the residents of a
town with four families
 Event: each family in
the sample has Children in Number of
Family
Household Automobiles
children in the
household A Yes 3
B Yes 2
C No 1
 Event: the sample
D Yes 2
families own a total of
four automobiles

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-9
Sample Space
• A complete roster or listing of all
elementary events for an experiment

• Methods for describing a sample space


– roster or listing
– tree diagram
– set builder notation
– Venn diagram

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-10
Sample Space: Roster Example
• Experiment: randomly select, without
replacement, two families from the residents of
the small town
• Each ordered pair in the sample space is an
elementary event, for example -- (D,C)
Children in Number of Listing of Sample Space
Family
Household Automobiles
(A,B), (A,C), (A,D),
A Yes 3
(B,A), (B,C), (B,D),
B Yes 2
(C,A), (C,B), (C,D),
C No 1
(D,A), (D,B), (D,C)
D Yes 2

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-11
Sample Space: Tree Diagram for
Random Sample of Two Families
B
A C
D
A
B C
D
A
C B
D
A
D B
C
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-12
Sample Space
• 1. mn counting rule :
number of different ways m and n can
be done
• 2. Sampling with replacement
number of different possible
combinations assuming replacement
• 3. Sampling without replacement
number of different possible
combinations assuming no replacement
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-13
mn counting rule :
Plot many different possible 5-series BMW cars
could be in your car lot ?

Series Color Intenor


525 Black Leather
530 White Leatherette
540 Blue
Green
Red
Silver
m 。 n = 3*6*2 = 36 different possible BMWs.
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-14
Sampling with replacement
• There are 50 houses (all household own at least 1 animal
)in your database and you want to survey 3 houses
regarding their oldest animal. You don’t care if the same
house is surveyed 3 times.

N n
N = population size
n = sample size
There are 50^3 = 125,000 possible ways you could draw
your sample (sample space)

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-15
Sampling without replacement
• There are 50 houses in your database and you want
to have 3 household cam together for a focus group .

N!
N Cn 
n!( N  n )!
N = population size
n = sample size

There are 19600 possible


combinations of 3
19600 households that you could
50! [Link]....1

3!( 47)! 3.2.1.(47....1) select for your focus
group(sample space)
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-16
Sample space : Practice examples
• In your recent survey you asked people to
categorize themselves ( using nominal data )
regarding gender( m/f ), marital status( married,
single, divorce ) and economic status ( high,
medium, low )
• a. how many different possible group are there (i.e
m,m,h; f,m,h;…..etc.)
• b. If you want to sample 3 groups(with
replacement ) .What is your sample space?
• c. If you want to sample 3 groups (without
replacement ) What is your sample space?

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-17
Sample space : Practice examples
• a. How many outfits does John have if he
has 2 suits , 5 dress shirts, and 7 ties?
• b. What are your choices of winning the
‘Pick 3 ‘ lottery? ( You can select numbers
from 0 to 9)
• c. What are your chances of winning the
‘Big’ lottery? ( You cab select number from
1 to 50 ) What if we increase the number
you can select from 1 to 54 ?

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-18
Structure of probability
~Union vs. Intersection
X Y X Y

X 1,4,7,9 X 1,4,7,9
Y 2,3,4,5,6 Y  2,3,4,5,6
X  Y 1,2,3,4,5,6,7,9 X  Y  4

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-19
Union vs. Intersection Example
C = { IBM, DEC, Apple}
F = {Apple, Grape, Lime}

C  F  ? IBM , DEC , Apple , Grape , Lime

C  F ? Apple

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-20
Structure of probability :
~Mutually Exclusive Events
• Events with no
common outcomes
X Y
• Occurrence of one
event precludes the
occurrence of the other
event X 1,7,9
Y  2,3,4,5,6
X  Y   P( X  Y ) 0

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-21
Structure of probability
~Independent Events
• Occurrence of one event does not affect the
occurrence or nonoccurrence of the other
event

• Example: The conditional probability of


having a GIRL given your first child is a
BOY is equal to the probability of having a
GIRL.
P( X | Y )  P( X ) and P(Y | X )  P(Y )

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-22
Structure of probability
~Complementary Events

• All elementary events not in the event ‘A’


are in its complementary event.

P( Sample Space ) 1
Sample
Space A A P( A) 1  P( A)

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-23
Summarize Probability Structure
~ assume you have a coin and a die
• Mutually exclusive
You can get a heads OR tails. You
could roll a 2 OR 4

• Independent exclusive
If you get a heads 1st; the chance of
getting a heads again is still 50%
• Complementary exclusive
If you roll a 1, then 2-6 are complements

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-24
Four Types of Probability
~ with cards example
Marginal Union Joint Conditional

P( X ) P( X  Y ) P( X  Y ) P( X | Y )
The probability The probability The probability The probability
of X occurring of X or Y of X and Y of X occurring
occurring occurring given that Y has
occurred

X X Y X Y
Y

P( heart) On first P(heart or 10) on P(heart and 10) on P(10 | heart) ~10
draw = 13/52 first draw = 15/52 first draw = 1/52 given you know
you have a heart
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-25
=1/13
General Law of Addition:
Used for Union Probabilities

P( X  Y )  P( X )  P(Y )  P( X  Y )

X Y

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-26
General Law of Addition -- Example:
Employee
Employee Survey
Survey on
on Noise
Noise Reduction
Reduction and
and Storage
Storage Space
Space

P( N  S )  P( N )  P( S )  P( N  S )

N S P ( N ) .70
P ( S ) .67
.56 P ( N  S ) .56
.70 .67
P ( N  S ) .70.67  .56
0.81

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-27
Office Design Problem
Probability Matrix
Increase
Storage Space
Yes No Total
Noise Yes .56 .14 .70
Reduction No .11 .19 .30
Total .67 .33 1.00

P ( N  S ) .56.14 .11
.81

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-28
Venn Diagram
of the X or Y but Not Both Case

X Y

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-29
Complement of a Union:
The Neither/Nor Region

X Y

P ( X  Y ) 1  P ( X  Y )

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-30
Office Design Problem:
The Neither/Nor Region

P( N  S ) 1  P( N  S )
1 .81
N S
.19

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-31
Special Law of Addition

If X and Y are mutually exclusive,


P( X  Y )  P( X )  P(Y )

Y
X

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-32
Demonstration Problem 4.1
Type of Gender
Position Male Female Total
Managerial 8 3 11
Professional 31 13 44
Technical 52 17 69
Clerical 9 22 31
Total 100 55 155

P(T  C )  P(T )  P(C ) P( P  C )  P( P)  P(C )


69 31 44 31
   
155 155 155 155
.645 .484
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-33
Demonstration Problem 4.3
Type of Gender
Position Male Female Total
Managerial 8 3 11
Professional 31 13 44
Technical 52 17 69
Clerical 9 22 31
Total 100 55 155

P(T  C )  P(T )  P(C )


69 31
 
155 155
.645
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-34
Demonstration
Demonstration Problem
Problem 4.3,
4.3, continued
continued
Type of Gender
Position Male Female Total
Managerial 8 3 11
Professional 31 13 44
Technical 52 17 69
Clerical 9 22 31
Total 100 55 155

P( P  C )  P( P)  P(C )
44 31
 
155 155
.484
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-35
Law of Multiplication

P( X  Y )  P( X ) P(Y | X )  P(Y ) P( X | Y )

100
P ( Male)  0.645
155
P (Clerical | Male) 9 / 100 .09
P ( M  C ) P ( M ) P (C | M )
(0.645)(0.09) 0.058
or 9 / 155 .058
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-36
Law of Multiplication

Probability Matrix
of Employees
Married
Supervisor Yes No Total
Yes .1143 .1000 .2143
No .4571 .3286 .7857
Total .5714 .4286 1.00 P( M  S ) P( M ) P( S | M )
(0.5714)(0.20) 0.1143
P ( M  S ) ?
P ( M  S ) ?
P ( M ) ?
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-37
Law of Multiplication
and Demonstration Problem 4.5

P( X  Y )  P( X ) P(Y | X )  P(Y ) P( X | Y )


80
P( M )  0. 5714
140
P( S| M ) 0. 20
P( M  S )  P( M ) P( S| M )
( 0. 5714 )( 0. 20 ) 0.1143

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-38
Law of Conditional Probability
• The conditional probability of X given Y is
the joint probability of X and Y divided by
the marginal probability of Y.

P( X  Y ) P(Y | X ) P( X )
P( X | Y )  
P(Y ) P(Y )
p( s | m) p( s  m) .1143
 
p ( m) .5714
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-39
Office Design Problem
Increase
Storage Space
Yes No Total
Noise Yes .56 .14 .70
Reduction No .11 .19 .30
Total .67 .33 1.00

What is the P(S| N) ? What is the P (not N | S) ?


P ( N ) .70
P( N  S )
P ( N  S ) .56 P( N | S ) 
P( N  S )
P( S )
P( S | N )  .11
P( N )

.56 .67

.70
Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning
.164 4-40
.80
Practice Problems Using
Demonstration Problem 4.2
Geographic Location
Northeast Southeast Midwest West
D E F G
Finance A .12 .05 .04 .07 .28

Manufacturing B .15 .03 .11 .06 .35

Communications C .14 .09 .06 .08 .37

.41 .17 .21 .21 1.00

Business Statistics: Contemporary Decision Making, 3e, by Black. © 2001 South-Western/Thomson Learning 4-41

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