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Examples of Probability and Statistics in Real Life

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Can you think of situations in the business world or other real life situations where you 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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I don't know much about business, but there are plenty of real life situations in which probability plays an important role. For instance, weathermen will say something like, "There is a 60% chance of rain tomorrow." This means that in the long run, ...

Solution Summary

We show how probability and statistics are used in everyday life and in business.