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Business Data Analysis-DQ

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Q Many business decisions are impacted by probability because few things in life are certain. For this discussion, research articles, either popular or academic, that discuss the role of probability in practical business operations. Summarize the article and discuss how the concepts in the article might apply to your current or future business tasks. Be sure to attach a copy of the journal and/or a link to where the study is located on the internet and include a full, APA citation in your post.

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In simple words, the probability can be defined as the chance of occurrence of an event. In the classical approach, the probability is calculated by taking the ratio of the number of favourable outcome and the number of all possible outcomes. Now, the businesses are using the probability in different fields with different techniques. For an example, the weather forecasting uses the probability to forecast the weather in the future days.