A model or situation with various outcomes, each with its own chances of occuring. On the other hand stochastic is the concept of randomness. Probabilistic is indirectly related to randomness. As such,

A method that has its basis in the assumption of a relatively constant demand over time for inventory items. As such, the probability distribution of the demand is determinable, especially during the

A tool for statistical analysis that is used estimate the chance that an event might re-occur, based on the analysis of past data.

The probability of all the possible outcomes of a specified action that is listed.

When subject to a specific sampling routine, it is the standard percentage of goods that is deemed to be of acceptable quality.

A method of sampling wherein every single sample has a known and fixed probability of being selected.

A theory in mathematics that is used to model events that have an uncertainty associated with their occurrence.

Facts and evidences that lead many to believe that the accused actually committed the crime. A probable cause is not a fail proof evidence as it only provides enough grounds to deem

The error associated with providing estimates for a sample that is from a normal distribution. It is the product of the standard error and 0.6745.

The biggest possible loss that is expected if the occurrence of an event is as planned.

The estimated amount of sources of energy that are present based on geological and engineering evidence. The recovery of such resources is possible using existing technology at an economical rate. However, the

Greater than the normal probability of an event occuring.

Assets such as real estate that are in the name of the decendant. Usually, a jointly held asset or one whose beneficiary is known is not included.

For the purpose of inheritance taxes, the price of the shares are determined. It is computed by first taking the difference of the offered and bid prices, dividing it by four and

The submission of a will to a probate court that will rate it and approve the distribution of the assets to the concerned entities.

A strict following of the code of ethics that is based on honesty, especially in matter related to money and beyond the legal requirements.

The difference between a desired state and the existing state, or something that differs from the normal.

Reduction or elimination of errors through prevention and planning.

The derivation of a solution by working through the details that are entailed in the problem. The employment of systematic or mathematical operations to derive the solution are used in problem and

The sales approach taken by a salesman wherein he/she identifies the problems faced by a consumer and comes up alternative to tackle the problem through the product that is being promoted or