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Earn +20 ptsQ: How can probability be used in business?
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How is probability used in business management?
Probability is often used to develop projections, forecasts and budgets.
What is the role of probability for making inferences in business research?
Examine the role of probability for making inferences in business research.
Application of statistics in real life?
Statistics is used in many places especially when you are the head of a business and you need to calculate probability and things like that.
When is probability used?
Probability is used to extrapolate the likelihood of a future event, so if you think about it, it's used all the time by everyone everyday. Here are some main applications: - Data Analysis - Quantum Mechanics - Thermodynamics - Meteorology - Social Science - Business ans Finance. The list is near endless.
How is probability used in genetics?
probability is used in genetics to determine the possibilities of offspring having a certain trait
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