Please read carefully, Many businesses apply the understanding of uncertainty and probability theory in their decision practices in their business. Probability models can greatly help businesses to optimize their policies and make safe decisions. Although complex, these methods of probability can increase profitability and business success. Develop and explain a situation in your work area where you would apply probability theory, or specify a probability distribution. Mention and explain the reason for his selection, and the advantages and disadvantages of the use of probabilities in your example. Try to explain it in 200-250 words. Formulas and numbers are welcome and needed. If you have any question please let me know