define the probability and explain the importance of this concept in business
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Probability is a notion which we use to deal with uncertainty. If an event can have an number of outcomes, and we don't know for certain which outcome will occur, we can use probability to describe the likelihood of each of the possible events. The classic example is flipping a coin.One practical use for probability distributions and scenario analysis in business is to predict future levels of sales. ... Using a scenario analysis based on a probability distribution can help a company frame its possible future values in terms of a likely sales level and a worst-case and best-case scenario.
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