Importance of Statistics in Different Fields Statistics plays a vital role in every fields of human activity. Statistics has important role in determining the existing position of per capita income‚ unemployment‚ population growth rate‚ housing‚ schooling medical facilities etc…in a country. Now statistics holds a central position in almost every field like Industry‚ Commerce‚ Trade‚ Physics‚ Chemistry‚ Economics‚ Mathematics‚ Biology‚ Botany‚ Psychology‚ Astronomy etc…‚ so application of statistics
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A FICO score is the credit score mathematically developed by the company FICO. It shows potential lenders the risk that they are taking lending to you. The score is on a range starting at 300 and ending at 850; the higher your credit score‚ the probability that you will be lent to‚ increases. The score itself is determined from credit reports that disclose the individual’s history of financial activity. Their gender‚ race‚ religion‚ nor age play a role. From most influential to least‚ it is composed
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There are two elements of Gambling‚ including game of chance and gambling mentality. Chance means people cannot control the outcome of an event but with possibility of winning. Player wagers money on irreversible bet in which the outcome relies on chance. Gambling mentality means the willing to take risk. To gamble on something is to take a risk on something in which the stake is involved. Pathological Approach to problem gambling Problem gambling is defined as pathological gambling under APA
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in 1665. He is considered to be one of the greatest mathematicians of the seventeenth century. Fermat is considered to be one of the ’fathers’ of analytic geometry. Fermat along with Blaise Pascal is also considered to be one of the founders of probability theory. Fermat also made contributions in the field of optics and provided a law on light travel and made wrote a few papers about calculus well before Isaac Newton and Gottfried Leibniz were actually born.Fermat’s most important work was done in
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information is incomplete. To deal with this realm of inductive logic‚ usage of probability theory becomes essential. As per the new perceptions‚ probability theory today is recognized as a valid principle of logic that is used for drawing inferences related to hypothesis of interest. E.T. Jaynes in the late 20th century‚ shared the view of “Probability theory as logic”. Today this is commonly called Bayesian probability theory in recognition with the work done in the late 18th century by an English
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Keywords¾Consecutive-k‚ r-out-of-n: DFM system‚ Reliability‚ GERT ACRONYMS CDFM(k‚r‚n): Consecutive-k‚ r-out-of-n: DFM system GERT: Graphical Evaluation and Review Technique NOTATIONS n: number of components p: survival probability of a component q1: probability of a component in failed-open mode q2: probability of a component in failed-short mode Rk ‚r ( n ) : Reliability of the system Further‚ the three modes of operation (working‚ failed-open‚ failed-short) of a component are supposed to be mutually exclusive
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------------------------------------------------- ------------------------------------------------- University of London Essay: Analyse the advantages and disadvantages of conditional fee arrangements for legal aid. 3. Analyse the advantages and disadvantages of conditional fee arrangements for legal aid. Conditional fee arrangements (CFAs) are the most important ways of access to justice in legal aid system. The legal aid also called public funding was introduced after World War II to enable
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complicated for most undergraduates‚ the results themselves are fairly straightforward‚ and they facilitate a precise focus on such fundamental concepts in decision-making under uncertainty as the tradeoff between expected profits and breakeven probability. There is an inevitable tradeoff between the comprehensiveness and realism of a model (which tend to generate mathematical complexity) and its practicality and ease-of-use (the extent to which it can readily provide definite answers to specific
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the payoff associated with completing a race ($1.5 million consisting of the tire contract and the oil contract) exceeds the prospective loss of retiring from the event ($500K associated with the oil contract). When one combines the weighted probabilities of both events occurring to the associated dollar amounts‚ the end result of $200K exceeds the $50K loss attributed to skipping the event. As a result‚ Carter
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Lysias was able to present a persuasive but well concealed argument drawn from probability to influence the minds of a jury. This utilization of an argument from probability
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