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9 July, 08:14

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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  1. 9 July, 08:29
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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 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.
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