Explain the concept of probability by applying a specific application example of probability in business, business and finance homework help

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Business Finance

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DQ 1

Most business decisions involve elements of uncertainty and randomness. The notion of probability is used everywhere, both in business and in our daily lives.

Explain the concept of probability by applying a specific application example of probability in business.

Discuss the economic implications of your observations.

DQ 2

Sampling is the foundation of statistical analysis. The first step in sampling is to design an effective sampling plan that will yield representative samples of the population under study.

Apply an example of a sampling survey for one or more industries, and briefly discuss how the expected sampling results could affect the industry/firm’s pricing strategies.

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Explanation & Answer

Hi there,Kindly have a look on the attached file for a complete response to your question. Feel free to let me know in case something requires my attention. Regards,Talia

Surname 1

Student’s Name
Institution
Instructor
Date
Probability and Sampling
DQ 1
Probability in business
Business, whether small or big, all rely on probability information to together with
economic measures to formulate a quantitative analysis. Businesses have to prepare for the future
by forming expectations upon making certain decisions. The outcome of these decisions can’t be
measured accurately since rather have to rely on probability information to derive the expected
o...


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