MS3227 - Probability Theory in Decision Making | ||||||||||
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| * The offering term is subject to change without prior notice | ||||||||||
Course Aims | ||||||||||
This undergraduate course introduces students to the fundamental concepts of probability and uncertainty as they apply to business studies. The curriculum is designed to foster probabilistic thinking, a crucial skill in today's dynamic business environment. Students will explore key probability concepts and their practical applications in various business scenarios. Through a combination of theoretical foundations and real-world examples, the course helps students develop a robust understanding of how uncertainty affects business decision-making. Topics covered include basic probability theory, random variables, probability distributions, and statistical inference, all presented within relevant business contexts. By the end of the course, students will be equipped to analyze business situations through a probabilistic lens, enabling them to make more informed decisions in the face of uncertainty. This foundational knowledge will prove invaluable across various business disciplines, including finance, marketing, and operations management, preparing students for advanced studies and real-world business challenges. | ||||||||||
Assessment (Indicative only, please check the detailed course information) | ||||||||||
Continuous Assessment: 50% | ||||||||||
Examination: 50% | ||||||||||
Examination Duration: 3 hours | ||||||||||
Written Examination The examination will assess the students' ability to select and apply the probability concepts and methods to solve business problems and to interpret the implications of probability concepts in real-world decision making. | ||||||||||
Detailed Course Information | ||||||||||
| MS3227.pdf | ||||||||||
