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BUS308 / BUS 308 / Week 2 DQ 2 Applications for Probability

BUS308 / BUS 308 / Week 2 DQ 2 Applications for Probability

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In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid in using probability in business?

In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid in using probability in business?

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Week 2 DQ 2 Applications for Probability

In what situations might you use probability as a manager to approach businessrelated problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid in using probability in business?

In business scenarios, in case you go through the figures for a product, you can easily take a look at the probability if one item will sell over the other and when one item sells most in a certain point in time. Probability utilizes the figures as to what has occurred. For that reason, for any retail outlet, you might want to buy more swim suits to sell during the spring season and depending on previous sales you may decide the best type of swim suits to buy for your retail store or department.

An ideal illustration of this is tossing a coin.Moreover. Secondly.com/specialinvite Thank you. the probability assigned to each result should be between 0 and 1. requesting a sample population their view regarding which beverage they like. It is to be used as a guide or a reference in order for you to complete your own work  All material is copyrighted by the court of law. this probability equals 1. Firstly. The probability of having heads is .ashfordsuperstar.5 and the probability of having tails is .5. But.com PS: Go ahead and sign up to AshfordSuperstar’s newsletter to hear about how you can get free tutorials and other “goodies” to help you succeed in your online class. This data is based upon a customer’s choice and the result of the experiment isn't managed nor is it duplicable. two requirements should be fulfilled so as to ascertain the data for the traditional model. redistributed without the written consent of AshfordSuperstar. please contact support at: ashfordsuperstar@rocketmail.  Based on the above information. No portion of the material may be duplicated. If you have any questions or concerns. it is crucial that you do not submit any of these documents ‘as-is’. it doesn't meet the traditional model of probability however. Please note the following: This tutorial will be used as such. Here is the link to sign up: http://www. the idea of probability permits us to perform managed experiments to find out the reasonable result of a specific experiment using the traditional model. -AshfordSuperstar . Therefore. the probabilities of all the possible data should equal 1. For instance. subjective probability and the data can't be relied upon. For that reason. The main downside of using probability in business would be doing a taste test.

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