Bussiness Statistics

POST 1 – Describe what probability is and when one would use it.POST 2 – The probability theory provides a means of getting an idea of the likelihood of occurrence of different events resulting from a random experiment in terms of quantitative measures ranging between zero and one. The probability is zero for an impossible event and one for an event that is certain to occur Probability is a notion that we use to deal with uncertainty. If an event can have a number of outcomes will occur we can use probability to describe the likelihood of each of the possible events THe probability is known as Probability Probability is widely used in all sectors in daily life like sports, weather reports, blood samples, predicting the sex of the baby in the womb, congenital disabilities, statics and many. Probability is the likelihood that an event will occur and is calculated by dividing the number of favorable outcomes by the total number of possible outcomes The simplest example is a coin flip There is a 50% chance the outcome will be heads and the other is a 50% chance the outcome will be tails Probability provides information about the likelihood that something will happen, Meteorologist, for instance, use weather patterns to predict the probability of rain In epidemiology probability theory is used to understand the relationship between exposures and the risk of health effects. One practical use for probability distributions and scenario analysis in business is to predict future levels of sales Using a scenario analysis based on a probability distribution can help a company frame its possible future values in terms of a likely sales level and a worst-case and best-case scenario Abstract Probability means the mathematical chance that something might happen is used in numerous day to day applications Including in weather forecasts, sports strategies insurance options games and recreational activities making business.POST 3 – Probability of a branch of mathematics relating the numerical illustration of how likely an event can exist. The likelihood of any event to occur is a number between 0 and 1, where 0 indicates the impossibility of the event and 1 indicates certainty. The probability theory is widely used in the area of studies such as statistics, finance, gambling artificial intelligence, machine learning, computer science, game theory, and philosophy.If an event has a probability of zero, that tells you the event is impossible and won’t happen. If an event has a probability of one, that tells you the event is certain and will happen. If an event has a probability between zero and one, that tells you how likely the event is to happen. The closer the probability is to zero, the less likely it is to happen, and the closer the probability is to one, the more likely it is to happen. The total of all the probabilities for an event is equal to one. For example, you know there’s a one in two chance of tossing heads on coin, so the probability is 50%. You use or see probability all around you on a daily basis. Even if you don’t realize it, you use probability every day to make decisions about things with an unknown outcome. You may unknowingly perform mathematical calculations with theoretical or experimental probability, or you may make judgement calls with subjective probability.

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