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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 are the various types of common averages used in statistical analysis given in the form of a chart. Figure 1
(a) At a stream gauging station, the following discharges and stage measurements were taken for the purpose of the rating curve at that section: Stage (m) 1
ogives graph
Complete the multiple regression model using Y and your combined X variables. State the equation. Next, make sure that you evaluate overall model performance with the Anova table
Theories of Business forecasting
Correspondence Analysis (CA) is a generalization of PCA to contingency tables. The factors of correspondence analysis give an orthogonal decomposi:ion of the Chi- square associated
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-arriva
1) Suppose you want to test a hypothesis that two treatments, A and B, are equivalent against the alternative that the response for A tend to be larger than those of B. You plan to
Examine properties of good average with reference to AM, GM, HM, MEAN MEDIAN MODE
Other Measures of Dispersion In this section, we look at relatively less used measures of dispersion like fractiles, deciles, percentiles, quartiles, interquartile range and f
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