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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.
Coefficient of Determination The coefficient of determination is given by r 2 i.e., the square of the correlation coefficient. It explains to what extent the variation
In a management class of 100 childerns' 3 languages are offered as an additional subject viz. Hindi, English and Kannada. There are 28 childrens taking Hindi, 26 taking Hindi and 1
The PCA is amongst the oldest of the multivariate statistical methods of data reduction. It is a technique for simplifying a dataset, by reducing multidimensional datasets to lower
Mode Mode is the value of the observation which occurs with the greatest frequency and thus it is the most fashionable value, Mode has been derived from French word La m
You are a business analyst working for a company called Combined Computers Pty Ltd. You have been asked to prepare a business report with statistics in it for the managing director
Admissibility A very common concept which is applicable to any procedure of the statistical inference. The underlying notion is that the procedure/method is admissible if and o
Construct your initial multivariate model by selecting a dependent variable Y and two independent variables X. Clearly define what each variable represents and how this relates t
Statistical Keys To do statistical operations we must first set the calculator on SD mode [SD stands for "standard deviation" which is the usual st
give me question on mean is the aimplest average to understand and easy to compute
Exercise: (Binomial and Continuous Model.) Consider a binomial model of a risky asset with the parameters r = 0:06, u = 0:059, d = 0:0562, S0 = 100, T = 1, 4t = 1=12. Note that u
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