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.
what is the job scope in or?
Question: (a) A company sells three different products X, Y and Z. The company makes a profit of Rs. 35, Rs. 50 and Rs. 60 per unit on products X, Y and Z respectively. The th
35mm Slider 35 mm Slider like OHP transparencies casts an images but they have different uses and properties. They are used to show an actual photographic images in the
Q3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 4 X
how to solve simplex method in LPP?
Model building is the essence of the operations research approaches?
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
A paper mill prouduces two grads of paper viz., X and Y. Becouse of raw material restriction, it cannot product more then 400 tons of grade X paper and 300 tons of grade Y paper in
ONE SAMPLE RUNS TEST A number of methods have been developed fro judging the randomness of samples on the basis of the order in which teh observations are taken. It is
Case Study - Research Design RJR Nabisco Ever since the health aspects of smoking became a public issue shortly after world war II the tobacco industry knew there
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