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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.
For many decades, there has been considerable attention paid to identifying various factors that help to reduce the number of fatalities on Australian roads. In 1964 Victoria and S
Assumption of extrapolation
In a three-cornered paint ball duel, A, B, and C successively take shots at each other until only one of them remains paint free. Once hit, a player is out of the game and gets no
Chebychev inequality
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The Neatee Eatee Hamburger Joint specializes in soyabean burgers. Customers arrive according to the following inter - arrival times between 11.00 am and 2.00 pm: Interval-arrival
Variance The term variance was used to describe the square of the standard deviation by R.A.Fisher. The concept of variance is highly important in areas where it is possible to
applications of normal probability distribution
Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below.
Scatter Diagram The first step in correlation analysis is to visualize the relationship. For each unit of observation in correlation analysis there is a pair of numerical value
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