2024 | OriginalPaper | Chapter
16. Probability: From Sample Spaces to Conditioning
Author : Herfried Kohl
Published in: Managing SMEs in Times of Rapid Change, Uncertainty, and Disruption
Publisher: Springer Nature Switzerland
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Key Topics in This Chapter: Mainly Quantitative
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Randomness, experiments, sample spaces, random events, and their role in risk modelling.
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Sets and their algebra.
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The concept of probability, including the Kolmogorov axioms.
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The concept of random variables.
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Discrete and continuous random variables and their probability mass function, probability density function, and cumulative distribution function.
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Characteristics of random variables (expectation, variance, covariance, correlation, skewness, kurtosis).
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Marginal distribution functions.
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The concept of conditional probability, conditioning, and the laws of total expectation and variance.