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Calculating Probability

In: Applied Statistics and Multivariate Data Analysis for Business and Economics

Author

Listed:
  • Thomas Cleff

    (Pforzheim University of Applied Sciences)

Abstract
This chapter provides a comprehensive introduction to the theory of probability, focusing on key concepts such as sample spaces, elementary events, and the different approaches to probability—classical, statistical, and subjective. It explains the basic rules of probability, including adding and multiplying, and explores combinatorial methods such as permutations, combinations, and variations. The chapter also covers conditional probability, the law of total probability and Bayes’ theorem, using practical examples such as the Monty Hall problem to illustrate complex concepts.

Suggested Citation

  • Thomas Cleff, 2025. "Calculating Probability," Springer Texts in Business and Economics, in: Applied Statistics and Multivariate Data Analysis for Business and Economics, edition 0, chapter 0, pages 155-187, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-78070-7_6
    DOI: 10.1007/978-3-031-78070-7_6
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