Probability of Planes Sold

Probability of Planes Sold Name Institution Date Background Pioneer Aircraft Co sells planes and operates for 50 weeks a year and has a 2 week break, and based on the plane sold weeks and the number sold is used to determine the probability. The planes sold per week and the numbers sold are based on the average for the past five years. For the 0, 1, 2 and 3 weeks, the probabilities determined are useful to calculate the airplane sales. Planes sold weeks This number sold 0 40 1 8 2 1 3 1 The probability of each number of planes sold in the 50-week period Probability, which is a measure of the likelihood that an event will occur, is determined by dividing the likelihood of a singular event occurring to the total outcomes. The total number sol d is 50 (40+8+1+1). Using this, the probability of selling 0 planes is 0.8 (40/50), the probability of selling 1 plane is 0.16 (8/50), the probability of selling 2 planes is 0.02 (1/50) and the probability of selling 3 planes is also 0.02 (1/50) Planes sold weeks This number sold Probability 0 40 0.8 1 8 0.16 2 1 0.02 3 1 0.02 Best approach to determine probability The objective approach of probability is determined based on some experimental criterion such as the ratio between the number of favorable cases and the number of possible cases or the limit of a relative frequency. Even in these cases the determination of the probability entails a certain degree of subjectivity, but this approach is more accurate to determine the probability of an outcome compared subjective probability. An experiment is a process that leads to one of several possible observations and in probability an experiment has two or more possible results (McClave et al., 2014). An event is a set of one or more results of an experiment where the experiment, result and even are considered in the objective approach. Objective probability is based on experimental c...