Discrete Probability Distributions

Unit 4 Introduction Many decisions in business insurance and other reallife situations are made by assigning probabilities to all possible outcomes pertaining to the situation and then evaluating the results For example a saleswomen can compute the probability that she will make 012 or 3 or more sales in a single day An insurance company might be able to assign probabilities to the number of vehicles a family owns Once these probabilities are assigned statistics such as mean variance and standard deviations can be computed for these events With these statistics various decisions can be made

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