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Probability is a numerical measure of the likelihood of occurrence of an event.
Think of a specific business that you or someone else has worked for. In what way can the knowledge of probability be applied to help that business achieve its goals? Concerning the specific area(s) of that business for which probabilities can be obtained, what method should be used for assigning probabilities to events – should it be the classical method, the relative frequency method, or the subjective method? Give your reason(s) for your choice.
Must be at least 200 words.