Question
Probability and probability distributions are important concepts in applied business statistics. Most of the business decision making processes involve some uncertainty and randomness, which require
Probability and probability distributions are important concepts in applied business statistics. Most of the business decision making processes involve some uncertainty and randomness, which require the use of probability and probability distributions.
What is the importance of probability and probability distributions in a business decision making processes such as scenario analysis, sales forecasting and risk evaluation? Explain your responses by applying specific application examples of probability and probability distributions in business and discuss their implications on business management efficiency.
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