BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A description of the range and relative likelihood of possible values of an uncertain variable is known as a probability distribution.

Detailed explanation-2: -A probability distribution is a statistical function that describes all the possible values and probabilities for a random variable within a given range.

Detailed explanation-3: -The Poisson distribution The Poisson probability distribution is often used as a model of the number of arrivals at a facility within a given period of time. For instance, a random variable might be defined as the number of telephone calls coming into an airline reservation system during a period of 15 minutes.

Detailed explanation-4: -Since a random variable is a function, we can talk about its range. The range of a random variable X, shown by Range(X) or RX, is the set of possible values for X. In the above example, Range(X)=RX=0, 1, 2, 3, 4, 5. The range of a random variable X, shown by Range(X) or RX, is the set of possible values of X.

Detailed explanation-5: -A probability is a number that reflects the chance or likelihood that a particular event will occur. Probabilities can be expressed as proportions that range from 0 to 1, and they can also be expressed as percentages ranging from 0% to 100%.