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Statistics question : Solution set

Name a workplace example that show how data collection and representation facilitate probability in the resolution of marketing-related or business problems?

Outside of gambling, what wide-spread activities are governed by the binomial probability distribution? Are the results of these activities gathered and analyzed or are they just observed and then forgotten?

Solution Summary

This solution discusses a workplace example of data collection to facilitate the determination of probability in a marketing problem. It also discusses binomial probability distribution.