Probability Provides a Measurable and Quantifiable Indication Discussion Chapter

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Probability provides a measurable and quantifiable indication of how likely a particular outcome is for an event or experiment. It is expressed as a numeric value between zero and one (inclusive), where an impossible event has a probability of zero and a certain event has a probability of one. Probability is conventionally written using the symbol P, and may be expressed as a percentage by multiplying P. By 100.

The problem at hand related to 1995 gold prices can be set up and solved in the following way, with µ (mu) representing the mean, ? (sigma) the standard deviation, X the target value, and x1 and x2 defining the target value range.

µ = $383; = $12; x1=$394; x2=$399

The probability that the client's gold will be sold the next day is given by:

P (x1

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In certain situations, sampling of a population may be unnecessary or ineffective. For example, if a single instance of a condition is sufficient to either prove or disprove an assertion, then examining a probability sample may not be needed to establish the result. Alternately, in the case where subjective insights or exploratory results are all that is desired with no requirement to represent the overall population, statistically valid random sampling may be optional.

3. Regression analysis is an important topic of study in a business education curriculum, as it is a commonly used method for forecasting business parameters as well as for analyzing trends in business data. Spreadsheet software such as Excel by Microsoft are typically used as enabling software for regression analysis, and require building a base of competency to use effectively in business. Regression models are used in sales, financials and technology applications. Regression analysis involving a single….....

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