One of the topics in week 3 is on probability. Discuss the benefits of probabili

Question

One of the topics in week 3 is on probability. Discuss the benefits of probability techniques in your career. A few examples are below: Graphic Design—probability that the new graphic is eye catching and appealing to the public Business—probability that the stock will rise this week Health care—probability that a patient will stay in hospital more than 2 days which will help in planning for nurse staffing and hospital bed availability. Computer Science-probable times for employees to be on the internet.

Explanation / Answer

Real Estate Analysts - In the real estate sector, it is very important to anticipate the trend in demand for different types of properties such as residential, commercial shops, office space, warehouses etc. These trends also vary depending on influence factors such as transportation, proximity to adjoining facilities, building rules, age of building etc. The value estimate for a property must be made based on the information collected in the past, such as sales records, development projects, occupancy ratio etc. So, from these data, the probability techniques are used to find out which are the types of properties that are more likely to get sold or that are more likely to have an increase in value. Conditional probabilities are used to understand how the change in influence factors will affect the sale of a particular property. For example, if you consider an office space, we can see how the distance to the nearest metro/subway station will affect the demand of the property. So, given that the property is within 250m radius of subway station, we can calcluate the probability that it will get sold in the next 1 month or so. So, in this manner, we can use probability techniques to make important decisions in career.

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