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What is probability of death?
Statistically speaking; a sure thing.
How probability useful in whether forecasting?
Most people are not statistically trained so the probability of whether or not you are forecasting is so close to 0 that knowing its value is of little help.
If it is statistically significant does that automatically mean it is managerially significant?
No, it is not.
What does it mean for the finding of a statistical analysis of data to be statistically significant?
Data is statistically significant if the p (probability) value is below a certain level (ex: 5% or 1%). The p value describes how often one would receive the results they got if left to chance alone. The lower the p value, the less likely it is that your results were due to chance and is stronger evidence against the null hypothesis. Also important to keep in mind is that just because something is statistically significant does not mean it is practically significant.
What does it mean to find the probability of an event?
Read the introduction to probability and probability measures at StatLect.com
