A survey of 37 students at the Wall College of Business showed the following majors: Accounting 9 Finance 6 Economics 3 Manageme
nt 10 Marketing 9 picture Click here for the Excel Data File From the 37 students, suppose you randomly select a student. What is the probability he or she is a management major? (Round your answer to 3 decimal places.) Which concept of probability did you use to make this estimate?
The probability that he or she is a management major is 10/37.
The concept of probability that was used was:
Classical probability: The probability is equal to (number of favourable cases) / (number of total cases). Since the total of students who are a management major is 10 and we have 37 students in total, the probability will be 10/37.
