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.
scope of operation research in management
Reference Books If an article in a reference books has more than one author use the same format for authors given for books above. a. Authors Known :Authors last
two person zero sum game
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
Method of Concurrent Deviations The coefficient of concurrent deviation or coefficient of correlation b the concurrent deviation methods is given by the formula. R
Uncertainly : There is a great uncertainly about economic and general environment. With economic growth uncertainty is also growing's. this makes each decisions costlier
Degree of Correlation ship 1. Perfect Correlation: When changes in two related variables are exactly proportional there is perfect correlation between them. In case
Case Study - Data Analysis Sandarsen inc was testing new packaging and a few recipe for a family desert cookie that had been on the market for several years. It wa
sOLVE THE FOLLOWING D1 D2 D3 SUPPLY s1 2 2 3 10 s2 4 1 2 15 s3 1 3 1 40 Demand 20 15 30
Categories of Information in Social Sciences: It would be useful, particularly in social sciences, to group information into three categories: • Statistical Information
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