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Many businesses apply the understanding of uncertainty and probability theory in their decision practices in their...

Many businesses apply the understanding of uncertainty and probability theory in their decision practices in their business. Probability models can greatly help businesses to optimize their policies and make safe decisions. Although complex, these methods of probability can increase profitability and business success.

Please, develop and explain a situation where you would apply probability theory, or specify a probability distribution. Mention and explain the reason for his selection, and the advantages and disadvantages of the use of probabilities are in your example. Try to explain it in 200-250 words. Formulas and numbers are welcome and needed.

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orchestra answered 2 years ago
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