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Earn +20 ptsQ: What are the application of probability theory in business?
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When is probability theory used in statistics?
All the time. Statistic is based on the application of probability theory!
Application set theory on business section?
Set theory does have many practical business applications. Some of these include how the Turing machine is used in computer science, and the theory of crisis of foundations in math.
Can the binomial distribution be normalized?
No. I am using "normalization" as used in probability theory as application of a normalizing constant to a value, to make it conform to a certain distribution.
What does statistics consist of?
Probability theory and distributive theory.
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.
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