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Probability models is obtaining the actual distributions

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Reference no: EM131181874

Need help with two questions. Need separate answers for each.

Q1: One of the central problems we face in using probability models is obtaining the actual distributions. The true distributions are invariably not known, and we must estimate them for our purposes. How do you go about estimating probabilities when using probabilistic models? What are the ethical implication that you see in estimating probabilities?

Q2: Have you seen or used decisions trees in your in your place of work? If so give us a brief example of a situation where decisions trees were used or could have been used. How would you rate the popularity of Decision Trees among business executives?

Reference no: EM131181874

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