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Statistics - probability theory , Essay

Many businesses apply the understanding of uncertainty and probability theory in their decision practices in their business. Probability models can greatly help businesses to optimize their policies and make safe decisions. Although complex, these methods of probability can increase profitability and business success. Develop and explain a situation in your work area where you would apply probability theory, or specify a probability distribution. Mention and explain the reason for his selection, and the advantages and disadvantages of the use of probabilities in your example. Try to explain it in 200-250 words. Formulas and numbers are welcome and needed. Compare and contrast your input with at least two other classmates. Do they complement? Do they supplement? Any generalization or further addition in their response? Be professional and careful what you say and how you say things to others. Be careful when using sarcasm or humor. When communication does not include visual or verbal clues, your humor may be understood as a criticism or misinterpreted.
Many businesses apply the understanding of uncertainty and probability theory in their decision practices in their business. Probability models can greatly help businesses to optimize their policies and make safe decisions. Although complex, these methods of probability can increase profitability and business success.
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Assignment ID
56467
Discipline
Type
CREATED ON
31 October 2016
COMPLETED ON
1 November 2016
Price
$30
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