A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred as

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03-04-2019
Business

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A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred as

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MrsTriplet MrsTriplet · Answer 1 · 2019-04-08T20:26:25+02:00

A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred as a probabilistic model. A probabilistic model will show how various solutions to building more demand of a product can be done. A deterministic model will show a single outcome for an event. With a probabilistic model, considering uncertainty is important.