# Describe the rationale for utilizing probability concepts, assignment help

**Question description**

Describe the rationale for utilizing probability concepts. Is there more than one type of probability? If so, describe the different types of probability.

- Briefly discuss probability distributions. What is a normal distribution? Please provide a written example of how 'understanding distribution' can be an asset for any business project.

## Tutor Answer

Kindly go through the attached document and let me know if you've got any queries.

Probability and probability Distributions

Introduction

In most cases, the notion of probability refers to the number an event is likely to occur.

There are various perspectives of probability including the classical probability, the empirical

probability as well as the axiomatic and the subjective probability (Tong, & Peng, 2014).

Therefore, the main aim and purpose of this research paper is to discuss, outline as well as

describe the rationale for utilizing probability concepts. The paper will also include different

types of probabilities and also discuss probability distribution systems especially towards a

business project in the society

Probability and probability Distributions

Based on a number of resear...

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