How is probability used in business?

Updated: 4/27/2022
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16y ago

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Probability is used throughout business to evaluate financial and decision-making risks. Every decision made by management carries some chance for failure, so probabiity analysis is conducted formally ("math") and informally (i.e. "I hope"). Math is the preferred method but requires some advanced training, like college courses. For everyone else theres "I hope I guess right"

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Q: How is probability used in business?
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