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Importance and Application of probability:
Importance of probability theory is in all those areas where event are not certain to take place as same as starting with games of chances. Probability has become one of the basis tools of statistics. Statistics and probability are much interrelated with each other that it is difficult to discuss statistics without understanding the meaning of probability. A knowledge of probability theory makes it easier, simpler and possible to interpret the statistical result, as many of the statistical procedures include involve conclusions based on samples which are randomly choosen.
Probability theory is being applied not only in mathematical problems but also for the solutions of social economical, political and business problems. The insurance insustry emerged in the 19th century, required exact or definite knowledge about the risk of loss inorder to calculate premium. Within few decades the concept of probability has assumed great importance and the mathematical theory of probability has become the basis of statistical application and social and decision making. In fact probability has become a part of everyone life. In personal and management decisions one faces uncertainty and uses probability theory. By organising information and considering it systematically, one will be able to recognise his or her assumptions, communicate his or reasoning to others and make a better decision than he or she could by using a shot in the dark approach. Probability theory in fact is the foundation of statistical conclusion or inference.
construction of control chart,n chart
just wondering what would be the cost to complete a stats assignment
MARKS IN LAW :10 11 10 11 11 14 12 12 13 10 MARKS IN STATISTICS :20 21 22 21 23 23 22 21 24 23 MARKS IN LAW:13 12 11 12 10 14 14 12 13 10 MARKS IN STATISTICS:24 23 22 23 22 22 24 2
Test for Equality of Proportions For example, we may want to test whether the percentage of smokers (p 1 ) among the males equals the percentage of female smokers (p 2 ). W
A researcher hypothesized that the pulse rates of long-distance athletes differ from those of other athletes. He believed that the runners’ pulses would be slower. He obtained a ra
In reduced rank regression (RRR), the dependent variables are first submitted to a PCA and the scores of the units are then used as dependent variables in a series of
Suppose both the Repair record 1978 and Company headquarters are believed to be significant in explaining the vector (Price, Mileage, Weight). Here, because of the limited sample s
HOW WOULD YOU INTERPRET THIS PROBABILITY:P(a)=1.05
Replacement times for CD players are normally distributed with a mean of 7.1 years and standard deviation of 1.4years. Find the probability that a randomly selected CD player will
Chebychev inequality
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