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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.
regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
Choose any published database from the internet or Bethel library (such as those from the Census Bureau or any financial sites). You may opt to use one of the data files provided b
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
Having 11 numbered balls -0 to 10 -into a basket and have 6 spaces to be numbered with the balls selected in each 6 chances and it returned it back to the basket each time. Chanc
Zinc is a trace element and it is important in wound healing, building up the immune system and DNA synthesis. The data in Table 1 represents the zinc intake (in milligrams) for a
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You have an assembly line which produces 1L bottles of seltzer with a standard deviation of 0.05L. • Assuming the distribution of volume is normal, what is the chance any single
Grid is the set of pairs {1, 2, 3, 4} x {1, 2, 3, 4}. Image is the power set of Grid. An element of Image is a subset of Grid and can be represented by a diagram on a 4 by 4
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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
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