Importance of Probability in Business Decision Making

Online exam

TABLE OF CONTENTS
PART A......................................................................................................................................2
I. Steps by step work out of all answer..................................................................................2
ii. Answer of expression.........................................................................................................5
iii) Calculation........................................................................................................................5
iv) Evaluation.........................................................................................................................6
a).............................................................................................................................................6
b)............................................................................................................................................6
v) Calculate the following......................................................................................................6
a).............................................................................................................................................6
b)............................................................................................................................................6
vi) Importance of probability.................................................................................................7
PART- B.....................................................................................................................................8
QUESTION- 4...........................................................................................................................8
QUESTION- 5.........................................................................................................................11
i) Meaning of statistics.....................................................................................................11
ii) Importance of sampling in the business world..........................................................11
iii) Importance of forecasting...............................................................................................12
REFERENCES.........................................................................................................................13

PART A
I. Steps by step work out of all answer
a) 750 ÷ (4 ^2 + 3 ^2 ) (4 × 2 + 4)
Step1: Solve bracket
750 / (16 + 9) (4 * 2 + 4)
Step 2: Solve both brackets and multiple the terms to get answer
750 / (25) (8 +4)
Step 3: Add both the numbers under brackets
750 / (25) (12)
Step 4: Multiply the terms under brackets
750 / 300
Step 5: Divide both the terms in order to get the final answer
2.5
b) (900 ÷ 15^2 ) (220 ÷ 11)
Step 1: Solve the brackets, for that square 15
(900 / 225) (220 / 11)
Step 2: divide both the terms under brackets
(4) (20)
Step 3: Multiply the terms in order to solve the bracket and get the final answer
80

c) 480 ÷ 6 (3 + 2 × 2) – 215
Step 1: According to BODMAS, solve the bracket, in which multiply the terms
480 / 6 (3+4) – 215
Step 2: Solve the bracket and add both term under bracket
480 / 6 (7) – 215
Step 3: Multiple the term under bracket to solve the bracket
480 /42 -215
Step 4: Divide the term, as per BODMAS, divide the terms before subtraction
11.42 – 215
Step 5: Solve the term by subtracting from each other
-203.58
d) 2 × [45^2 ÷ (10 × 3^4)]
Step 1: As per the BODMAS, solve the small bracket first by identify the squares of the terms
2 * [2025 / (10 * 81)]
Step 2: Solve the small bracket by multiply the term
2 * [2025 /810]
Step 3: Solve the bracket by divide both term
2 * [2.5]
Step 4: Multiple 2 by 2.5 to get final outcome
5
e) [200 ÷ (6 + 4)] ÷ 2 + 15 – 8 + [(2^2× 2) 2]
Step 1: According to BODMAS, solve all the small bracket in both side
[200 ÷ (6 + 4)] ÷ 2 + 15 – 8 + [(8) 2]