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Probability Theory & Decision Making

505210 - Probability Theory & Decision Making
Faculty

Faculty of Business

Department

Risk Management

Credit Hours

3

Pre-requisite

903182

Co-requisite

-

Distribution

0 + 3
This course introduces students to the fundamentals of probability theory and its applications in the decision making process. The course starts by discussing basic probability axioms and then moves to illustrate discrete and continuous random variables and distributions. Central limit theorem and law of large numbers are also discussed. The course concludes with the integration of probability theory concepts in the decision making process.