Question

defend probability and explain its importance in modern business management​

Answer 1

Answer:

A probability distribution is a statistical model that shows the possible outcomes of a particular event or course of action as well as the statistical likelihood of each event. For example, a company might have a probability distribution for the change in sales given a particular marketing campaign.Many businesses apply the understanding of uncertainty and probability in their business decision practices. Probability models can greatly help businesses in optimizing their policies and making safe decisions. Though complex, these probability methods can increase the profitability and success of a business.

Explanation:

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