Probability and probability distribution as decision making tool in agriculture: A review

Abstract

Probability is the numerical measure of uncertainty which helps in dealing with risk and probability distribution refers to the frequency at which some events or experiments occur. Probability theory has a wide applicability in everyday life in risk assessment and modelling for instance in weather reports, insurance and credit assessment, value of stocks, estimation of shipping date, daily production in industries etc. Probability distribution helps in finding all the possible values a random variable can take between the minimum and maximum possible values and used to model real-life events for which the outcome is uncertain. Once we find the appropriate model, we can use it to make inferences and predictions. There are several discrete as well as continuous probability distributions which can be used as decision making tool in agriculture. For instance, probability and probability distribution can be used in rainfall probability analysis, forecasting of yield of agricultural crops, estimation of probability of loss and drought risk analysis etc. Hence, probability and probability distribution can be identified as efficient tools for decision making in the field of agricultural farm management.