Probability Theory and Distributions

Degree program: BSc Managment

Probability theory is a branch of mathematics describing the study of uncertainty. The aim of this course is to introduce students to the theory of probability, structural properties of distributions, and their applications, particularly focused on decision-making under uncertainty. After discussing basic principles of combinatorial analysis, the course presents various methods to compute probabilities. Topics covered among others are the concept of random variables, discrete and continuous random variables, calculating the expected value, the variance, and other measures such as median skewness, the concept of conditional distributions, Bayes's theorem, and the law of large numbers. Finally, the course will briefly introduce how to use Monte Carlo simulation for modeling decision problems under uncertainty. 

Course offered by:

Prof. Dr. Sandra Transchel