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Rationale and Probability distribution

1.Describe the rationale for utilizing probability concepts. Is there more than one type of probability? If so, describe the different types of probability.

2.Briefly discuss probability distributions. What is a normal distribution? Please provide a written example of how 'understanding distribution' can be an asset for any business project.

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Description of the Rationale for Utilizing Probability Concepts:

The measure of how likely an event is to happen is termed as probability. The probability that is held by all events is categorized between the figures 1% and 100%. It is imperative to note that the interpreted meaning of a probability is the same as the subject meaning held of the probability. There are however rules that have to be applied in the assigning of the probabilities to the events so as to gratify the axioms of the probability. Probability is known to have an abstract nature that holds the following properties. The range of the possible probabilities is the classification where the probability ...

Solution Summary

Rationale and probability distributions are examined.