The word probability originated form the Latin word probare that means informal. It means that is there is nothing certain and exact associated with an event, and that happenings are uncertain and there are probabilities that are associated with them. Probability can be defined as the study that is concerned with locating certainty in uncertain events. Probability is known as the method of weighing evidence and opinion about uncertain and complex environment. Christiaan Huygens is supposed to be the first person to treat probability with scientific principles to provide a more refined form of the term in the year of 1657. There are several functions of probabilities. Distributions are considered one of them. These functions are used to assign the possible and probable events to the entire series of the events. There are several types of distribution too, that is continuous and discrete distribution. Probabilities distribution can be categorized into two classes: discrete and continuous. There are many ways to divide probability up in an equal and proportionate manner but the best possible method is to use the probability density function (Fadyen, 2003). Development in this field is taking place continuously and rapidly. The world is changing as never before due to technologies, and these technologies are dramatically affecting the speed and complexity of probability calculations. Computers and spreadsheets are just two important examples of this shift. The major gains in communication complexity and speed have also played an important role. And this is apositive aspect because the development in the field of statistical data analysis is often caused by advancement in the other fields in which the various methods of statistical data analysis are productively applied.
Probability is a statistical technique which is used for analyzing the situations that are confined by random events. For quantitative analysis of many human activities, which generally ...
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(Probability Essay Example | Topics and Well Written Essays - 1500 Words)
“Probability Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/miscellaneous/410095-probability.
On computing and comparing median for my town, Galion, this was $ 33,841 with that of Ohio, $45,395. It is clear that median is an effective measure as it divides the distribution into lower and upper halves. Given that an average of the data is likely to be affected and thus altered or influenced by extreme incomes in this case, it will be therefore not good to use mean as the measure of choice.
The mathematical analysis of such information can provide valuable guidance for future organizational decisions. However, all forms of data collection include the issue of sampling error. The sampling error problem occurs as a result of the ability to sample every member of a given population.
The industrious thirst that has overtaken the world has had its merits and demerits. This paper seeks to point out the demerits that have been so far realized and the probable extent of damage that they might end up causing; that is, making the world a post-apocalyptic trash site.
Therefore, a completely mathematical interpretation of the theory of probability may impair the scope of this subject as a whole, whereas a philosophical treatment would culminate at more logical but diversely interdisciplinary implications. In this essay, the frequentist view of probability will be compared and contrasted against the subjective view of probability.
The results are very clear to interpret from the following table. The probabilities for the sales show that the company is expected to register medium sales as far as the sale of fruit juices is concerned (highest probability of 0.5). The table further depicts that there is fairly lesser chance that there would be any phenomenal sale of fruit juices (p=0.2).
This is inevitably with the future in view, as there is a lag between decisions and their effects. The gestation period tends to increase as the strategic value of issues addressed comes more sharply in to focus. Large and complex investments typically take months if not years before they yield any revenue.
If oil is hit, the income for the drilling company will be $445,000. If only natural gas is hit, the income will be $145,000. If nothing is hit, there will be no income. If the probability of hitting oil is and if the probability of hitting gas is , what is
This ranking was necessary to find out whether the judges are doing a great or not. Three courts were investigated: Municipal Court, Domestic Relations, and Common Pleas Courts.
From figure 1 above it is evident that Judge Angela is the best performing
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