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Theory Questions & Answers-1

  • Decision-Making Under Uncertainty
  • Risk Management
  • Financial Management
  • Performance Evaluation
  • Insurance and Risk Assessment
  • Simple and compound events
  • Mutually exclusive events
  • Equally likely events
  • Exhaustive events
  • Favourable events
  • Independent and dependent events
  • In case of a fair coin, the total number of possible outcomes = 2
  • If two coins are tossed simultaneously, then total number of possible outcomes = 4
  • In throw of a fair dice, the total number of possible outcomes = 6
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  • Assumes equal likelihood, which may not always be realistic in real-world scenarios.
  • Applicable mainly to finite sample spaces.
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  • Requires a large number of trials for accurate probability estimates, which may not always be feasible.
  • Does not provide probabilities for one-time or unique events.
  • Classical or Mathematical
  • Relative or Statistical
  • Subjective Probability

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