Showing posts with label Probability. Show all posts
Showing posts with label Probability. Show all posts

Assignment on Importance of Probability in Business Administration


Probability is ordinarily used to describe an attitude of mind towards some proposition of whose truth is not certain.  The proposition of interest is usually of the form "Will a specific event occur?" The attitude of mind is of the form "How certain are we that the event will occur?" The certainty we adopt can be described in terms of a numerical measure and this number, between 0 and 1, we call probability.