How the following statistical devices can be used in business today? Describe their usefulness and how businessman can be benefit, or how to help them in making sound decisions. (Explain individually)
--permutation and combinations
Probability theory is a conceptual framework concerned with quantification of probabilities. The major use of probability theory in business is in risk assessment and in trade on commodity markets. This includes portfolio analysis , decisions on investing assets and securities (e.g percentage of debt and equity). Probability theory also used in choosing projects to undertake based on their perceived probable effect. (e.g. estimating success in oil drilling operations)
Probability distribution assigns to every interval of the real numbers a ...
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"Probability distribution assigns to every interval of the real numbers a probability, so that the probability axioms are satisfied. Probability distributions have many different..."