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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.
Grouped Data For calculating mode from a frequency distribution, the following formula Mode = L mo + x W where,
Statistical Process Control The variability present in manufacturing process can either be eliminated completely or minimized to the extent possible. Eliminating the variabilit
Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there
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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.
Advantages of Sampling Why should we settle on a sample instead of studying the entire population? Sampling has the following advantages over a census (study of the entire pop
(a) Average rainfall during the month of January is found to be 58 mm. A Class A pan evaporation recorded an average of 8.12 mm/day near an irrigation reservoir. The average
what is the aim of statistics?
The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack
If the test is two-tailed, H1: μ ≠ μ 0 then the test is called two-tailed test and in such a case the critical region lies in both the right and left tails of the sampling distr
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