Students taking the Graduate Management Admissions Test (GMAT) were asked about their undergraduate major and intent to pursue their MBA as a full-time or part-time student . A summary of their responses follows. Business Engineering Other Totals Full-Time 352 197 251 800 Part-Time 150 161 194 505 Totals 502 358 445 1305 Develop a joint probability table for these Use the marginal probabilities of undergraduate major (business, engineering, or other) to comment on which undergraduate major produces the most potential MBA If a student intends to attend classes full-time in pursuit of an MBA degree, what is the probability that the student was an undergraduate engineering major? If a student was an undergraduate business major, what is the probability that the student intends to attend classes full-time in pursuit of an MBA degree? Let A denote the event that the student intends to attend classes full-time in pursuit of an MBA degree, and let B denote the event that the student was an undergraduate business major. Are A and B independent? Justify your answer.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
Students taking the Graduate Management Admissions Test (GMAT) were asked about their undergraduate major and intent to pursue their MBA as a full-time or part-time student . A summary of their responses follows.
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- Develop a joint
probability table for these - Use the marginal probabilities of undergraduate major (business, engineering, or other) to comment on which undergraduate major produces the most potential MBA
- If a student intends to attend classes full-time in pursuit of an MBA degree, what is the probability that the student was an undergraduate engineering major?
- If a student was an undergraduate business major, what is the probability that the student intends to attend classes full-time in pursuit of an MBA degree?
- Let A denote the
event that the student intends to attend classes full-time in pursuit of an MBA degree, and let B denote the event that the student was an undergraduate business major. Are A and B independent? Justify your answer.
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