Discussion Questions

Describe the fundamental probability concepts: probability, experiment, sample space, event, exhaustive, and mutually exclusive. Provide an example.

Discuss how you will distinguish between discrete and continuous random variables?

Describe the probability distribution of a discrete random variable.

Describe the elements of a continuous random variable.  What are the range of numerical values?  Why is it important?

How would you use the standard normal table?  What is the relevance of the z-score?

Continue to discuss conditional probability.  Discuss the importance of the notation symbol " l".

 How can you use normal distribution in business?