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    What is probability? How is probability concept used in making business decisions? Please explain with real life examples.

    © BrainMass Inc. brainmass.com June 3, 2020, 8:13 pm ad1c9bdddf

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    Probability is the chance that something is likely to happen or be the case. Probability theory is used extensively in areas such as statistics, mathematics, science and ...

    Solution Summary

    The solution explains the concept of probability in detail.