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Permutation - Probability, Business Mathematics and Statistics Video Lecture | Business Mathematics and Statistics - B Com

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FAQs on Permutation - Probability, Business Mathematics and Statistics Video Lecture - Business Mathematics and Statistics - B Com

1. What is the concept of permutation in probability?
Ans. Permutation in probability refers to the arrangement of objects or events in a specific order. It is used to calculate the number of possible outcomes when the order of the objects or events matters. For example, if we have 4 different objects and we want to arrange them in a specific order, we would use permutation to calculate the number of possible arrangements.
2. How is permutation related to business mathematics?
Ans. Permutation is used in business mathematics to calculate the number of ways in which different elements can be arranged or ordered. This is important in various business scenarios, such as arranging employees for a project, assigning tasks to team members, or determining the order of processes in a manufacturing line. By using permutation, businesses can effectively plan and organize their resources.
3. What role does permutation play in statistics?
Ans. Permutation plays a crucial role in statistics, particularly in hypothesis testing and experimental design. In hypothesis testing, permutation tests are used to determine the statistical significance of observed data by comparing it with all possible permutations of the data. This helps in making inferences about the population based on the sample data. Additionally, permutation is also used in experimental design to create randomized designs and control group assignments.
4. Can you provide an example of permutation in business statistics?
Ans. Certainly! Let's say a company wants to conduct a survey among its customers. They have a list of 10 questions, and they want to randomly select and present 5 questions to each customer. By using permutation, the company can calculate the number of possible question combinations. The formula for this is 10P5 = 10! / (10-5)! = 10! / 5! = 10 x 9 x 8 x 7 x 6 = 30,240 possible combinations.
5. How can permutation be applied in risk analysis for businesses?
Ans. Permutation can be applied in risk analysis for businesses by considering all possible outcomes or scenarios. By using permutation, businesses can assess the probability of different outcomes and their potential impact on the business. This allows them to make informed decisions and develop risk management strategies accordingly. For example, a company might use permutation to analyze the potential outcomes and associated probabilities of different investment options or market scenarios.
115 videos|142 docs
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