Originally, probability theory was developed to describe games of chance. However, in recent years, the theory of probability has become extremely useful in solving practical problems involving the chances of succeeding at various endeavors. Often businessmen or engineers must decide which of several different alternatives has the greatest probability of success. Probability may be used in any situation in which one is not certain of the outcome. In this chapter, we shall study some of the more important aspects of elementary probability theory.
KeywordsBinomial Distribution Sample Space Hypergeometric Distribution Executive Board Probability Rule
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