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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.
prove standard deviation of natural natural numbers
Old Faithful Geyser in Yellowstone National Park derives its names and fame from the regularity (and beauty) of its eruptions. Rangers usually post the predicted times of eruptions
Origin and Development of probability Theory: The credit for origin and development of probability goes to the European gamblers of 17 th century. They used to gamble on gam
In an examination 600 candidates appeared, boys outnumbered girls by 16% of all candidates. number of passed candidates exceeded the number of failed candidates by 310. Boys failin
Lorenz Curve It is a graphic method of measuring dispersion. This curve was devised by Dr. Max o Lorenz a famous statistician. He used this technique for wealth it i
Test the following claim. Identify the null hypothesis, alternative hypothesis, test statistic, critical value(s), conclusion about the null hypothesis, and final conclusion that
#question HOW TO TEST
two application of statistics
Sequential Sampling Under this method, a number of sample lots are drawn one after another from a universe depending on the results of the earlier samples. Such sampling is gen
prove that coefficient of correlation lies between -1 and+1
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