BuyQualityEssays.com – 100% (GOOD RATED) Statistics/ Apply probability theory in business or even in one’s personal life

What are some ways that you can think of to apply probability theory in business or even in one’s personal life?
 For example, if you were playing a game of poker with your friends, it would be helpful to know how the probability for winning a hand with a pair of aces in your hand is different than if you were holding a two of clubs and nine of hearts. 
When investing your money, you might need to choose between an investment that has a 95% chance to earn 3% or one that has a 65% chance to earn 30%. 
Business owners and managers make numerous decisions throughout the life of the business that are based on the probability of an event happening, consumer tastes changing or remaining the same, a production goal being met on time, and so on.
 
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