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Importance and Application of probability:
Importance of probability theory is in all those areas where event are not certain to take place as same as starting with games of chances. Probability has become one of the basis tools of statistics. Statistics and probability are much interrelated with each other that it is difficult to discuss statistics without understanding the meaning of probability. A knowledge of probability theory makes it easier, simpler and possible to interpret the statistical result, as many of the statistical procedures include involve conclusions based on samples which are randomly choosen.
Probability theory is being applied not only in mathematical problems but also for the solutions of social economical, political and business problems. The insurance insustry emerged in the 19th century, required exact or definite knowledge about the risk of loss inorder to calculate premium. Within few decades the concept of probability has assumed great importance and the mathematical theory of probability has become the basis of statistical application and social and decision making. In fact probability has become a part of everyone life. In personal and management decisions one faces uncertainty and uses probability theory. By organising information and considering it systematically, one will be able to recognise his or her assumptions, communicate his or reasoning to others and make a better decision than he or she could by using a shot in the dark approach. Probability theory in fact is the foundation of statistical conclusion or inference.
Root Mean Square Deviation The standard deviation is also called the ROOT MEAN SQUARE DEVIATION. This is because it is the ROOT (Step 4) of the MEAN (Step 3) o
Under the standard cost method which is also referred as the standard cost method ,stock receipts are assigned a standard cost. Any variations between the actual cost and standard
applications of normal probability distribution
differance b/w big M mathod and two phase mathod
This box plot displays the diversity wfood; the data ranges from 0.05710 being the minimum value and 0.78900 being the maximum value. The box plot is slightly positively skewed at
Regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
How do you change the base of the index
Statistics Can Lead to Errors The use of statistics can often lead to wrong conclusions or wrong estimates. For example, we may want to find out the average savings by i
Sequential Sampling Under this method, a number of sample lots are drawn one after another from a universe depending on the results of the earlier samples. Such sampling is gen
Universe or Population The word universe as used in statistics denotes the aggregate from which a sample is to be taken. According to Simpson and Kafka, a universe or populatio
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