### Characteristics of Probability Distributions

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Any business decision, even if it is worth millions, is taken on the basis of probability involved. While no action can have a specific outcome with 100% probability, high probability does influence people into taking the decision. A probability distribution essentially assigns a specific probability to a decision, survey or experiment. However, this assignment of probability is not random and involves a number of well-defined rules which the students must master in order to successfully champion the concepts of probability distribution.
Any probability distribution can be specified in a number of ways, depending upon the convenience and the entity under the scanner. Some of the major ways include hazard function, probability density function or a probability mass function, characteristic function, cumulative distribution function and joint distribution probability. Depending upon the purpose of usage, the probability distribution can be multivariate or univariate. The characteristics of probability distribution involve a specific terminology which must be understood by the student in order to score well in the subject. Also, depending upon the discreet and cumulative functions, the formulas used for probability distribution vary greatly and the students must make sure that they understand the difference between the two.
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