By the end of this training course, trainees will be able to: -    Describe independent events and mutually exclusive events and explain the difference between independent events and conditionally independent events. -    Calculate the probability of an event for a discrete probability function and calculate a conditional probability. -    Define and distinguish between volatility, variance, correlation and covariance. -    Distinguish between important distribution functions (e.g. Uniform, Normal, Lognormal Distribution, Student’s t, Binomial, Poisson)  -    Compute and interpret basic statistical measures relating to risk management (e.g. mean, standard deviation, kurtosis, correlation. etc.). -    Construct simple and multiple liner regression and be able to apply these tools in finance. -    Estimate simple volatility using historical financial data and identify the issues with traditional volatility estimation methods.