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    Business Math: Applying Probability

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    What are situations in the business world or real life where one would need to calculate or estimate probabilities?
    From a business perspective, which measurement is more important: the mode, mean, or median?

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    Probabilities are used a lot in business. When choosing a supplier, the probability of the time it will take for materials to arrive is one use. Estimating the amount of something is another. In retail, a price increase is one good use of probability. One can take the number of consumers who complained or stopped shopping for a product by the total number of people who bought the product to estimate how many will be lost with a new price increase. In production or manufacturing, ...

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