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Learn about the basics of probability:
Topics:
1. (00:00) Introduction
2. (00:58) Examples of Probability
3. (02:46) What is Probability? Define Probability.
4. (05:14) Types of Probabilities
5. (06:39) Define Random Experiment
6. (06:48) Define Sample Points
7. (07:18) Define Sample Space
8. (09:25) Tree Diagrams to list all Sample Points in Sample Space
9. (11:16) Table Diagram to list all Sample Points in Sample Space
10. (11:38) Array Formula to create Sample Space for Rolling Dice Experiment. Learn about the SEQUENCE Array Function. See a Spilled Array Formulas that spills 36 answers.
11. (17:12) Calculate Probability by counting Sample Points.
12. (18:03) Counting Rule to count all Experimental Outcomes or Sample Points
13. (20:07) Difference between Combinations and Permutations
14. (21:26) Example of when to use Combinations
15. (22:08) Combinations and the COMBIN function
16. (23:12) Permutations and the PERMUT function
17. (24:00) Basic Requirements for Probability
18. (24:25) Define Events
19. (24:44) Define Probability of Events. Three Examples.
20. (25:52) Isaac’s Italian Restaurant Example of Samples Points, Events and Probabilities – done from a data set of business records. This example shows the relationship between a data set, Sample Points and Probability.
21. (27:56) Comprehensive Business Example of using data to useful information for business decision making based on Probability for the Sonic Home Earthquake Retrofit Company.
22. (28:44) Excel Smart Art Horizontal Hierarchy to create Tree Diagram with all Samples Points
23. (33:19) Consider goal of project: Calculate the Probability that a project will take 1 month or less. Classical Probability is not appropriate. We know this based on past data. We use a data set with company records to list all sample points and calculate a Relative Frequency Distribution for Probability.
24. (33:44) Look at data set
25. (34:18) Power Query to import CSV data
26. (36:05) Excel Table formulas to create sample points and sum of project hours in business record data set
27. (37:54) PivotTable to create Relative Frequency Distribution based on sample points
28. (39:26) Calculate Probability based on Sample Point Frequency Distribution.
29. (40:25) PivotTable to create Relative Frequency Distribution based on random variable “Total Weeks For Project”
30. (41:38) Calculate Probability based on the Variable “Total Weeks for Project” Frequency Distribution.
31. (41:57) Summary of business example
32. (42:20) Summary of video
33. (43:15) Closing and Video Links