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Briefly discuss why probability and probability data are useful in making business decisions. 100 words very...

Briefly discuss why probability and probability data are useful in making business decisions.

100 words very important!

Business   Economics   
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Answer #1

In simple words, probability refers to the chance of occurrence of certain events. Business world is an uncertain place and there is no certainty of the occurrence of various business events. An investment might bring profits of different levels or may end up incurring losses. A product may or may not be liked by consumers. Because of these uncertainties, businesses are interested in knowing the chance of occurrences of different outcomes. Probability data helps businesses forecast the chances of various business outcomes and their payoffs. This helps in making a business or investment decision with realistic assumptions and expectations.

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