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SETS

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12 views3 pages

SETS

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esebabi
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© © All Rights Reserved
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Revision question

Executives and planners at all levels in business management and leadership


positions need to recognize the importance of quantitative information in
identification of problems, its numerical magnitude, and how it supports the
qualitative approaches in problem solving and decision making process.
Therefore, utilizing scientific approaches and knowledge from quantitative
methods for decision making can enhance managers’ ability and quick
decision making while overcoming the fear of making wrong decisions to any
problem identified.
Task
Basing on your arguments on the above statement, explain the above
statement, explain with relevant examples how quantitative methods are an
essential component in management of organizations and businesses at all
levels.

TOPIC Two

2.0 Introduction to Set and Probability theory


Introduction to Set theory
Set theory is a technique that is used to classify and group variables to
facilitate different kinds of analysis. It is important in business situations
that involve grouping of objects according to their common properties.
Terms common to set theory
(i) A set: it is the collection objects usually of a similar nature eg. a set of
chairs, a set of cups etc
(ii) An element: this constitutes and refers to each individual member of
a set. Eg A = 1, 2,3,4,5 in this case 3 is an element of a set A.
(iii) Module of a set: this is total number of items in a set.
Consider a set B= 1,2,5,8,10

Then n(B) = 5 elements

(iv) Subset: A set whose elements are also elements in much bigger set.
It has a symbol c. Eg A = 7,8,9,10,11 B = 8,10

Then, B is a sub set of A, ie B c A

Note: Every set is a subset of its self.

5
An empty set is a subset of every set

(v) Union of sets: This is a set which combines all elements of subsets. It
is denoted by U. consider A = 2,4,7,9 and B = 5,8,10

Then AUB = 2, 4,5,7,8,9,10

(vi) Intersection of sets: Two sets A and B are said to be having an


intersection, if there exists some elements that are common to both
sets A and B.
S = a, b, c, d, e, f T= a, e, i, o, u

In this case S ∩T = a, e
(vii) Equal sets: These sets contain exactly the same elements. They
are denoted with the symbol =
Consider the sets, A = 2, 4, 8 B= 4, 2, 8 then A =B
(viii) Equivalent set: Two sets are said to be equivalent if they have the
same number of elements and not necessarily similar. Eg.
A= a,e,i,o,u and B= 1, 2,3,4,5
In this case A is equivalent to B.
(ix) Empty set: This is a set without any element. It is known as a
null set. Usually written as ø or
(x) Infinite sets: this is a set with uncountable elements. Eg . a set of
sand at the shores of a lake.
(xi) Finite sets: These are sets with countable elements. Eg. number of
cows, students
(xii) Compliment of a set: this is a set of all elements in the universal
set but not in that particular set. Eg. ε = 1,2,3,4,5,6,7,8,9,10

A = 2,4,6,8,10 , the compliment of set will be A1 = 1,3,5,7,9


Venn Diagrams
This is a pictorial representation of a set.
Example I
In a business school, out of 100 students interviewed, 60 like quantitative
methods and 70 like statistics, 10 do not like any of the two course units.
Find the number of students who like both quantitative methods and
statistics.
Solution
Let Q= quantitative methods, S = statistics, x = those who like both course
units.

6
n(ε) = 100 n(Q) = 60 n(S) = 70 n(QUS)1 = 10
n(QnS) = x,

Draw the Venn diagram


(60-x) + x + (70 –x) + 10 = 100, solving the value of x = 40.
Therefore, 40 students like both quantitative methods and statistics.
Students who like statistics only = 70 – x = 70 – 40 = 30 students.
Students who like quantitative methods only, = 60 – x = 60 – 40 = 20
students.

Introduction to Probability theory

Probability of an event is the ratio of successful out comes to the total


possible outcomes. (Possibility space).

Pr(E) = n(E)/n(S)

E = successful outcome, S = sample space

Sample space (S) is the possibility space in any given experiment/set of all
possible outcomes/chances.

Example:

In 2020 UMU admissions, there were three options available, namely;


purchasing (P), accounting, (A), and marketing (M). 62, 67 and 58 of the
students were interested in P, A and M respectively. 10 students were
interested in all the options and 35 were interested in both P and A, while 34
students were interested in both P and M. 50 students did not express
interest. Given that they were 150 students.
Required;
(i) Represent the above information by a Venn diagram.
(ii) Determine the number of students interested in both A and M
(iii) What is the probability that a student chosen at random was
interested in exactly 2 options?
(iv) What is the probability that a student chosen at random was
interested in at least two options?
Solution

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