Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Important of Probability
The various practical applications of the theory of probability are:
a.The fundamental laws of statistic viz the law of statistical regularity and the law of inertia of large numbers are based on the theory of probability.
b.The very inception of the theory of probability has been to unlock the intricacies of betting and games. It is now possible to decide whether it is worthwhile betting at a game. This is done by calculating the expected value of an action with likely return on each of the outcome given the chances of success attached to each outcome.
c.Decision theories are based on fundamental laws of probability and expected value. the empirical probability concept based on experimental tests provides scope for the application of probability to real life situations.
d.The use of probability theory is increasing in economic decision making. The theory of probability is very helpful in situation of risk and uncertainty. For example a sales manager may want to know the probability of doubling the sales of a particular product, management may like to know the probability of the success of a new product or of a plant at its new location etc. In order to make proper decisions in the face of uncertainty we use the fundamental laws of probability.
e.The use of subjective probabilities is made when actual measurement is not possible . it has added a new dimension to the theory of probability. Such subjective probabilities can however be revised in the light of experience by the Bayesian rule of revisions of prior probability estimates.
Dual formulation is done for a number of reasons. The solution to a Dual problem provides all essential information about the solution to the Primal problem. A so
#what is the similarity and differences between transportation and linear programing models?
what are the models of operational research?
scope of operation research
Photographs and Illustrations: Photographs and illustrations are documents which provide a visual or pictorial representation of a person, place or situation which words fail
Problem: A policy maker is considering several policy options that lead to different utility levels of different individuals a) Which Policy is would be optimal according t
This is determined by disposable personal income( personal income minus direct taxes and other deductions ). Some people suggest the use of discretionary income in place of
Background: The use of "Tablet Personal Computers" such as HP's TouchPad and Apple's iPad has been increasing over the past several years. Task: Using a web browser and quality,
Conclusions and Recommendations Conclusions should be drawn with direct reference to the objectives of the study. The readers should be able to read the objectives. T
Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd