Lecture Notes for MSCI 2405 - Quantitative Methods at Virginia Tech (VT)

Notes Information

Material Type:Note
Class:MSCI 2405 - Quantitative Methods
Subject:Management Science (Bus Information Tech)
University:Virginia Polytechnic Institute And State University
Term:Fall 2008
  • Presentation Methods
  • Event
  • Happening
  • The Independent
  • Independent
  • Exclusive Or
  • Observation
  • Probabilities
  • Independent Events
  • Percentiles
  • Combinations
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I. RULES OF PROBABILITY a. Facts about probability i. Probabilities cannot be negative or greater than 1 ii.Sum of all probabilities of ALL simple events must equal 1 II. Counting Techniques a. Multiplication Rule i. If a grouping of k elements is to be formed by taking one element from each of the k sets, then the number of different groupings of size k that can be formed is: n1 x n2 x n3 x n4…nk b. Factorials i. Denoted by n! ii.Note that 0!=1 and 1!=1 c. Permutations i. The number of distinct arrangements of n different objects taken r at a time ii.Order matters d. Combinations i. The number of ways n distinct items can be selected in groups of sizes r. ii.Order does not matter III. Computing probabilities a. Addition Rule (ADDITIVE RULE) i. Union/ Or Key words: both ii.Or 2 events, E and F 1. P(E or F)= P(E)+ P(F) - P(E and F) 2. P (A or B)= P (A U B) = P(A)+ P(B)- P(A iii.P (odd or <4) = P(odd) + P(<4)- P(odd and <4) B) b. Mutually Exclusive Events i. Mutually exclusive- events that share no sam...

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