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

115 videos|142 docs

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

1. What is the probability of rolling a sum of 7 on two fair dice?
Ans. The probability of rolling a sum of 7 on two fair dice is 1/6. This is because there are 6 possible outcomes that result in a sum of 7 (1+6, 2+5, 3+4, 4+3, 5+2, and 6+1), out of a total of 36 possible outcomes when rolling two dice.
2. How can combination be used in business mathematics?
Ans. Combination is used in business mathematics to calculate the number of possible combinations or selections that can be made from a given set of objects. It is particularly useful in scenarios where the order of selection does not matter. For example, combination can be used to determine the number of different teams that can be formed from a group of employees, or the number of different menu options that can be created from a list of ingredients.
3. What is the difference between probability and statistics?
Ans. Probability and statistics are closely related branches of mathematics, but they have distinct differences. Probability deals with the likelihood or chance of an event occurring, based on the analysis of possible outcomes and their associated probabilities. On the other hand, statistics involves the collection, analysis, interpretation, and presentation of data, with the goal of making inferences or drawing conclusions about a population based on a sample.
4. How can statistics be applied in business decision-making?
Ans. Statistics can be applied in business decision-making in various ways. It can help in analyzing market trends and customer behavior, identifying patterns and correlations in data, making forecasts and predictions, evaluating the effectiveness of marketing campaigns, optimizing production processes, and conducting market research. By using statistical techniques, businesses can make more informed decisions and improve their overall performance.
5. What is the significance of business mathematics in the corporate world?
Ans. Business mathematics plays a crucial role in the corporate world by providing essential tools and techniques for analyzing and solving various business problems. It helps in financial planning, budgeting, cost analysis, pricing strategies, inventory management, risk assessment, investment analysis, and performance evaluation. By using mathematical models and methods, businesses can make informed decisions, minimize risks, maximize profits, and achieve their strategic goals.
115 videos|142 docs
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