Statistics for Managers

Sep 29th, 2014
Anonymous
Category:
Business
Price: $10 USD

Question description

Things vary in life – virtually nothing (except physical standards such as the speed of light) we interact with is constant over time.  Much of this variation follows somewhat predictable patterns that can be examined using probability.  An example of a subjective probability is: “Cops usually do not patrol this road, so I can get away with speeding.”  An empirical probability example is: “Each production run has a 5% reject rate.”  A classical (or theoretical) probability example is: “This die has six sides, so I should see the number 2 come up 1/6th of the time.”

What are some examples of probability outcomes in your work or life?  How would looking at them in terms of probabilities help us understand what is going on?  How does the normal curve relate to activities/things you are associated with?

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(Top Tutor) khakaan
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