Important factors in decision making

A: Probability is the idea of getting the likelihood of an events occurrence after random experiments are conducted. The probability outcomes are always ranging from zero to one. Normally the probability is considered zero if the event has no chance of occurring and it is one of the events has a hundred percent chances of occurring (Grinstead & Snell 2012). Probability is important; that is why we need it in our daily lives. It is one of the important factors in decision making. It is also important in making predictions. For prediction the probability is used in gaming betting companies and their customers apply the concept of probability in placing their bets.Mutual exclusive events are probability events that do not happen simultaneously. One event happens while the other one will not appear. Independent events are a probability where another events occurrence does not affect the appearance of the other event (Spatz 2019). Examples of mutually exclusive events are; if someone is a man he cannot be a woman if you are tall you cannot be short and if someone is beautiful she cannot be ugly. Examples of independent events are; tossing a coin one by one running a competition and class competition for example in school.Expected value is a multiplication of all the possible outcomes of the probability. Standard deviation is the measure of variation in the given set of values. Measures of central tendency and standard deviation and expected value are all data values components (Spatz 2019). Data values have both the measures of central tendency and measures of dispersion. A binomial experiment is an experiment with fixed independent trials. In the experiment there can only be two outcomes possible. The statement about the experiment is true because the trials in the experiment are independent. We can be certain that success does not change from trial to trial because all conditions are under the same conditions .————–.(Minimum 160 words) + 1 reference APA format B: We do need probability because with the use of it we can calculate the results of our tasks like counts measurements or responses. Independent events are those events in which the occurrences of one of the events does not have impact on probability of the occurrences of the other events(Hawkes 2019). One of the example of it is flipping a coin rolling a dice picking a card from the deck. While mutually exclusive events are the ones that does not occur at the same time. Examples of it are turning left or right flipping a coin kings and aces in the deck cards.As per (Hawkes 2019) Expected value in the binomial distribution is calculated by the total number of the trials and the possible probable chances of the true success. Standard deviation is the square root of the variance which is multiplication of the total number of trials probability of success and probability of failure. Central tendency of the dataset is being measured based on the expected value and the standard deviation will show how the data is being distributed to measure the variation in the data. Binomial experiment means that it does have at most two outcomes at the end of the experiment whether it can be positive or negative true or false(Hawkes 2019). As per (Hawkes 2019) All the trials should be independent and they should be repeated for the fixed number of trials and that should be always followed because previous trial’s outcome should not decide or impact on the current trial or the future trial’s outcome should not be dependent on the current trial. Yes the probability for the success is same for each trial. .————–.(Minimum 160 words) + 1 reference APA format Note: Must be entirely focused on the specific content. Add some generic points that could apply Please check plagiarism Grammarly APA Format Recommended Textbooks: Discovering Statistics by Hawkes and Marsh. Published by Hawkes Learning Systems.

Chapters 6 7. Lind Marchal Wathen Statistical Techniques in Business and Economics 16th Edition. Chapters 56 Discovering Statistics by Hawkes and Marsh. Published by Hawkes Learning Systems. Chapters 6 7.Lind Marchal Wathen Statistical Techniques in Business and Economics 16th Edition. Chapters 56