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.
You are the emergency manager for Cheyenne County in a western state. Cheyenne County is located mid-way between two major urban areas and has historically been a rural county. The
a question was given but i cannot identify the alternatives and i do not know how to calculate the right amount of payoff.what are the right ways to calculate the payoff table.
Periodical Article A periodical is a publication that is published periodically like a newspaper a magazine and a journal. Usually periodicals have volume numbers and n
Dewey's Principle: Melvil Dewey's principle states: "The best reading for the largest number at the least cost" According to this principle a library should select, within the
role of computer software in operation research
What are the features of blending model
if there were n workers and n jobs there would be
a. Determine the following with respect to decision making approaches: (i) Group decision making (ii) Directive, analytic, conceptual and behavioral decision making styles (8
Maxz=3x1-2x2 St x1 -x2>_0, 3x1-x2 _0
Cohen Chemicals, produces two types of photo-developing fluids. The first, a black and white picture chemical, costs Cohen $2500 per ton to produce. The second, a colour photo chem
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