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?© BrainMass Inc. brainmass.com March 21, 2019, 11:44 pm ad1c9bdddf
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, ...
We show how probability and statistics are used in everyday life and in business.