Conditional probabilities
Taught by Nick Drape · AI tutor support included
You'll learn how to use conditional probabilities to calculate the likelihood of outcomes that depend on a sequence of connected events.
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In this lesson
- 0:00 Introduction to conditional probabilities
- 1:22 Setting up a contingency table example
- 2:02 Building the contingency table framework
- 2:50 Calculating voucher probabilities by vendor
- 3:24 Finding the conditional probability result
- 4:05 Risk adjustment and project appraisal techniques
- 4:55 Scenario analysis and stress testing methods
- 5:13 Monte Carlo simulation overview
- 5:54 Chapter summary and key concepts covered
About this lesson
This lesson shows you the practical method of using a contingency table to solve these problems, using a real-world example to make the concept clear and applicable to exam questions. By the end, you'll understand when and how to apply conditional probabilities in risk and uncertainty scenarios relevant to your qualification studies.
Duration: 8m
Transcript
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