Probability

-Probability is an extremely popular concept in business management. Since it covers the risks such may be included in certain business situations. This is a fact that when a business investment is being arranged, the outcome is generally uncertain. Hence the concept of probability may be utilized to describe the degree of uncertainty of a particular business outcome

Therefore Probability may be defined as the chances of a described event happening. Numerically, probability values range between 1 and 0. A probability of 0 shows the event cannot occur at all. A probability of 1 show the event will certainly happen.

Hence other events have their probabilities along with values lying between 1 and 0

-The formular utilized to determine probability is as given below:

Probability (x) =  r/n = favourable out comes/total out comes

Posted Date: 2/16/2013 8:15:02 AM | Location : United States

Ask an Expert

Related Discussions:- Probability, Assignment Help, Ask Question on Probability, Get Answer, Expert's Help, Probability Discussions

Write discussion on Probability
Your posts are moderated

Write your message here..

Related Questions

Using a number strip substract , Another aid that can help children pract... Another aid that can help children practise subtraction is the number strip. TGS can be used to improve their ability to count backwards. For example, subtracting 4 from 9 means

Curve tracing, How we calculate region for curve tracing How we calculate region for curve tracing

Definition of a function, Definition of a Function Now we need to move... Definition of a Function Now we need to move into the second topic of this chapter.  Before we do that however we must look a quick definition taken care of.

FACTORISATION, 2x+4x 2x+4x

Matrix, how to find eigen value for the given matrix 122 021 -122 how to find eigen value for the given matrix 122 021 -122

Brahmaguptas problem, How to solve Brahmaguptas Problem? Explain Brahmagupt... How to solve Brahmaguptas Problem? Explain Brahmaguptas Problem solving method?

Algebra problem solving , A rectangles lenth is (x+4) and width is (x+3).By... A rectangles lenth is (x+4) and width is (x+3).By adding binomials give its perimiter

speed of the truck , A man travels 600km partly by train and partly by tru... A man travels 600km partly by train and partly by truck. If he  covers 120km by train and the rest by truck, it takes him eight hours. But, if he travels 200km by train and the res

Venn diagram, A venn diagram is a pictorial representation of the sam... A venn diagram is a pictorial representation of the sample space of an experiment. It is usually drawn as a rectangular figure representing the sample space and it cont

Find how much more space than the toy it will cover, A Solid toy in the for... A Solid toy in the form of a hemisphere surmounted by the right circular cone of height  2cm  and  diameter  of  the  base  4  cm .If  a right  circular  cylinder circumscribes the