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The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.
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What was lengendre contribution to statistics?
Lengendre was the one who introduced the importance of probability to statistics.
How are probability and statistics related?
Probability is the theoretical basis that underpins statistics.
How is probability related to statistics?
Probability is related to statistics in a direct manner. When one is doing a research for statistics, probability has to be used especially in sampling a small region.
Importance of statistics in science?
what is the importance of statistics?
What is the importance of statistics in Nigeria?
ai want to know the importance of statistics in nigeria
What was lengendre contribution to statistics?
Lengendre was the one who introduced the importance of probability to statistics.
What was pierre-simon laplace's contribution to statistics?
he is the one who introduce the importance of probability in statistics
How useful probability in statistics?
Statistics is based on the theoretical foundation of probability.
How are probability and statistics related?
Probability is the theoretical basis that underpins statistics.
Importance of probability in life?
I can not give you a simple answer. It is very individual and subjective. I will assume that you are referring to probability theory. Statistics is based on an understanding of probability theory. Many professions require basic understanding of statistics. So, in these cases, it is important. Probability theory goes beyond mathematics. It involves logic and reasoning abilities. Marketing and politics have one thing in common, biased statistics. I believe since you are exposed to so many statistics, a basic understanding of this area allows more critical thinking. The book "How to lie with statistics" is a classic and still in print. So, while many people would probably say that probability theory has little importance in their lives, perhaps in some cases if they knew more, it would have more importance.
How is probability related to statistics?
Probability is related to statistics in a direct manner. When one is doing a research for statistics, probability has to be used especially in sampling a small region.
Importance of statistics in science?
what is the importance of statistics?
Importance of statistics to economics?
importance of statistics for an economist
What are basic uses and importance of statistics?
importance of basic statistics
Importance of statistics in trade and commerce?
importance of statistics in trade
Importance of statistics in the field of welding?
what are the importance of statistics to welding
Who established the link between probability and staistics?
Statistics is based on probability theory so each and every development in statistics used probability theory.
