4 Which of the following is the decision making technique which predicts the
happening and non happening of certain events
A: Game theory
B: Probability Theory
C: Linear Programming
D: Network Techniques
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2
Answer:
B) Probability Theory
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Probability theory is the decision making technique which predicts the happening and non happening of certain events.
- This technique helps many business owners in their business decision practices by applying the understanding of uncertainty and probability.
- Probability theory actually greatly helps business owners in optimising their policies and making safe decisions.
- Although it's a bit complex, the probability methods can increase the profit and growth of the business.
- Most of the retail companies use probability to predict the chances that they may sell a certain amount of goods in a given number of days, weeks, or months. This helps the company to figure out how much inventory they'll need.
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