MBA Probality Modelling and Statistics

A probability model is a mathematical representation of a random phenomenon. It is defined by its sample space, events within the sample space, and probabilities associated with each event. The sample space S for a probability model is the set of all possible outcomes. Statistics is a branch of applied mathematics that involves the collection, description, analysis, and inference of conclusions from quantitative data. The mathematical theories behind statistics rely heavily on differential and integral calculus, linear algebra, and probability theory.