Introduction to Quantitative Methods

SUMMARY: The concepts of probability were first developed to assist gamblers in games of chance such as throwing dice or tossing a coin. However, the concepts were later applied in several areas of management and space technology.

Probability concepts can be broadly classified into three majority types based on the approaches to the study of probability theory: classical approach, relative frequency approach and subjective approach. This chapter discussed the rules of probability. This chapter also discusses the Bayes’ theorem of probability.