Probability
Probability Life expectation of a person Getting through an examination Victory of an election Possibility of rains tomorrow The outcomes of many occurrences take place in our day-to-day life situations cannot be expressed certainly, no any events can be expressed with a perfect certain and further that decision making is convenient, if the outcome of each and every occurrence is certain. There are uncertainties in business field as well as in occurrences come across in real time situations. Possible demand for a newly introduced product to market Strategic movements of competitors in a business Selling all the items produced to the market during the forthcoming quarter Measuring the uncertainty in terms of a numerical value is essential in order to make optimal decisions. The technique of measuring uncertainty in terms of numerical value is 'Probability' . ยต ...