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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.
In the early 1990s researchers at The Ohio State University studied consumer ratings of six fast-food restaurants: Borden Burger, Hardee's, Burger King, McDonald's, Wendy's, and Wh
Mathematical Properties The sum of deviations of the items from the arithmetic mean (taking signs into account) is always zero, i.e. = 0. The sum of
#quesgraphical representation of data
Consider an MBA program as a processing network where the flow unit consists of a student in the program. Suppose the organizations that hire and promote MBAs are considered to be
The Null Hypothesis - H0: The random errors will be normally distributed The Alternative Hypothesis - H1: The random errors are not normally distributed Reject H0: when P-v
Calculation for Continuous Series or Grouped Data = where, m = mid-point of class =
Random Sampling Method In this method the units are selected in such a way that every item in the whole universe has an equal chance of being included. In the words of croxton
The cost of living index number on a some data was 200. From the base period, the percentage enhances in prices were-Rent Rs 60, clothing Rs 250, Fuel and Light Rs 150 and Miscella
The following dataset is from a study of the effects of second hand smoking in Baltimore, MD, and Washington, DC. For the 25 children involved in this study the outcome variable is
Admixture in human populations The inter-breeding amongst the two or more populations which were previously isolated from each other for the geographical or the cultural reason
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