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Describe a work situation where knowing the probability would be useful?

Describe a work situation where knowing the probability would be useful?

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Probability refers to the chance of occurrence of an event. The knowledge of probability helps in dealing with various real-life situations. One such example is calculating the expected return from an investment. For example, if we know the probability of success or failure of a product, we can calculate the expected gain or expected revenue from he investment in the product.

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