Basic Probability Calculations | Business Statistics (STAT101)

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This video gives an overview on basic probability calculations dividing it into 4 topics- simple probability, joint probability, marginal probability & the additional rule. Probability means the possibility, likelihood or chance to happen a particular event out of two or more events. Simple probability refers to the probability that a simple event will occur and there will not be any pre-conditions. The video then explains simple probability through an example.

Moving on, the video explains joint probability that involves the probability of 2 or more events by using a simple example where it asks to find out the probability of rain in today & tomorrow. Next, the video explains marginal probability that refers a set of joint probabilities & introduces the concept of mutually exclusive and collectively exhaustive events. Finally, the video discusses on the additional rule & shows how to calculate the probability of either any of two events from their individual probability and combined probability.