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Probability in Business

How could probability and statistical information be applied?

Provide specific examples in business.

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The point of looking at probabilities is to see what is the "chance" a certain phenomena will occur?

Normally, when looking at a phenomena it would be best to see if this occurs in the entire population. But since this is way too hard to collect (imagine asking ALL workers in the united states to be part of a research study??) we normally take samples from the population, and then we ...

Solution Summary

The solution examines the probability in Business. How statistical information is used is determined.