Quantitative Analysis for Management, 13/e

Chapter 2 Probability Concepts and Applications

Learning Objectives

After completing this chapter, students will be able to:

1. 2.1 Understand the basic foundations of probability analysis.

2. 2.2 Use Bayes’ Theorem to establish posterior probabilities.

3. 2.3 Use Bayes’ Theorem to establish further probability revisions.

4. 2.4 Describe and provide examples of both discrete and continuous random variables.

5. 2.5 Explain the difference between discrete and continuous probability distributions.

6. 2.6 Understand the binomial distribution.

7. 2.7 Understand the normal distribution and use the normal table.

8. 2.8 Understand the F distribution.

9. 2.9 Understand the exponential distribution and its relation to queuing theory.

10. 2.10 Understand the Poisson distribution ...