Chapter Name: Use theoretical and experimental probability to develop models
Description:Learners explore both theoretical and experimental approaches to probability to create predictive models.
Purpuse:To equip learners with tools to anticipate outcomes and make informed decisions.
Rational:Understanding probability aids in risk assessment and strategic planning.
Chapters Topics
Predictions are based on validated experimental or theoretical probabilities.
Make informed business predictions or risk assessments using probabilities derived from reliable theoretical or experimental data.
Experiments and simulations are chosen and/or designed appropriately in terms of the situation to be modelled.
Design or choose relevant simulations or experiments that accurately represent real-world business scenarios involving uncertainty or risk.
The results of experiments and simulations are interpreted correctly in terms of the real context.
Analyse the outcomes of simulations and experiments and explain their implications for real-world business or entrepreneurial scenarios.
The outcomes of experiments and simulations are communicated clearly.
Present and explain findings from simulations or experiments using clear, accessible language and appropriate formats.