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Applications for Probability

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In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid using probability in business?

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This solution helps answer questions regarding applications of probability.

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When considering any investment a business would use probabilities. The manager would look at the investment and to value it he or she would take a number of potential values for the object at the intended time of its ...

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