Probabilistic Models

Importance of the Concept of Probability in Statistics
Business Statistics & Statistics

Importance of the Concept of Probability in Statistics

Lata Agarwal

Importance of the Concept of Probability in Statistics – Before learning statistical decision procedures, one must have to know an understanding of probability theory. […]

Develop an Inventory Model, deterministic and probabilistic models in inventory
Inventory

Deterministic and Probabilistic models in Inventory

Lata Agarwal

The order quantity (how much) and reorder point (when) are determined deterministically by minimizing the total inventory cost that… […]