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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.
The following data on calcium content of wheat are consistent with summary quantities that appeared in the article “Mineral Contents of Cereal Grains as Affected by Storage and Ins
Schedule Schedule is also used for the collection of primary data. A schedule is a list of question. it is a device of obtaining answer to the questions in a form which is fill
method of least square
We are interested in assessing the effects of temperature (low, medium, and high) and technical configuration on the amount of waste output for a manufacturing plant. Suppose that
Investigate the use of fixed and percentile meshes when applying chi squared goodness-of-t hypothesis tests. Apply the oversmoothing procedure to the LRL data. Compare the res
Write down the symbols and unit for the following: mass, molar mass, molar and molarity Write down the relationship between mass and molar mass and show that the units match.
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Suppose the money supply process is now represented by the following function: where m measures the sensitivity of money supply with respect to the interest rate. (i) Us
For calculating the mode of the grouped data graphically, the following procedure is adopted. Draw a histogram of the data; the modal class is the tallest rectangle.
a 100 squash balls are bounce from height of 100 inches with average height 30 inch with standard deviation 3/4 inch. a ball is fast if bounce above 32 inch. what is chance of gett
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