Description
attached is an excel sheet with problems regarding simple and joint possibility please answer the questions on the excel sheets them selves
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Explanation & Answer
Attached.
Skill Qualification Task 4 - Simple and Joint Probability
Probability is a cornerstone of business decision making! One of the richest people in world was interviewed in Forbes magazi
kids to college, teach them how to play poker." Business is all about risk and profit.
Here's some reading beyond this SQT:
http://www.mathgoodies.com/lessons/vol6/intro_probability.html
take note of terminology at this site, including: experiment
There are three common ways to establish probability: empirical, theoretical and expert opinion, oh and SWAGs. We have alre
A table with relative frequencies is probabilities gathered from survey. As I looked over the data in the discussion b
someone drinking 5 or less alcoholic beverages is much greater than the probability of encountering someone who
Surveys are commonly used to gather such support for decision making in ambiguous environments.
If I ask you the chances of getting heads on a coin toss (with a fair coin), you employ theoretical probability when yo
Similarly if I ask what are the chances of drawing a heart from a well shuffled deck of cards? One in four or 25%
Expert opinion is basically a matter of asking experts what they think the chances of some event are. If the expert h
environment for which you ask the expert to opine, then yes their advice may be useful. Think of driving a car. Hav
That's because you are an expert, unlike when you may have learned to driv...