Description
1.The topic of probability is very much tied into statistics. Probability is used in many areas in the business world. It is even used to handicap the current US election in November.
Q.Take a real scenario of how you would use probability in a business project from either an online link/story or an example that you come up with. Using the concept of section 4.4 of the
text conditional probability in your examples (I attached the example questions from 4.4 in another file)
In other words, one event has to happen in order for the second event to hold true.
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2. Sampling distributions are very important in statistics. It is the probability distribution of the population of all sample means that can be obtained from all samples of the sample size. Use the Car Mileage cases in Chapter 7 Examples 7. 2 and 7.3 (attached sample questions) as an example to better understand this.
The automaker of a new models come up with six preproduction cars. Two were randomly selected for testing and not the other four. The automaker subjected these two cars to all sorts of EPA testing and mileage. After the show the auto manufacture drove the other four cars to see how close they were to the actual two cars tested. This is just one example of the sampling distribution around the mean. This is a form of measurement in random sampling used a great deal in many industries.
Q. Provide another example of how this type of statistical model is used and how good you believe the testing is for the example that you provide.
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