You have now delivered the project to your customer ahead of schedule, but slightly over budget. Now, it is time to reflect on what went well and what didn’t go so well. Based on feedback throughout the course, what would you have done differently in terms of scope, resources, and / or schedule, and why?After posting your response, respond to at least one (1) of your classmates on their recommendations.Student's response:As we rise in the ranks, we acquire more power. And with that, people are more likely to want to please us by listening more attentively, agreeing more, and laughing at our jokes. I do believe this is true, if it were not CEO's would not feel the need to go on shows like Undercover bosses to gain perspective. This is also why corporations spend money on gathering the voice of the employee. As people gain power, some think by agreeing to laugh at there jokes it makes them more likely to accumulate some of that power.It is important to keep the ego in check, to prevent us from forming to our own views but keeping others views in mind as we move forward and continue to grow.

Utilizing statistical probability models, you will be able to evaluate and analyze business data under uncertainty conditions. You will also be able to create and test hypotheses and draw conclusions based on samples of data. Consider the following: Many business activities generate data that can be thought of as random. An example described in the textbook is the servicing of cars at an oil change shop. Each car entering the shop can be considered an experiment with random outcomes. A variable of interest in this experiment could be the amount of time necessary to service the car. Service time will vary randomly with each car. Often, we can capture the most relevant characteristics of a stochastic process with a simple probability distribution model. We can then analyze the model to make predictions and drive decisions. For instance, we could estimate the number of technicians the oil change shop needs to service demand on a Saturday afternoon. Respond to the following questions: What is a random variable?  How would you differentiate a discrete from a continuous random variable? A laptop manufacturing company has implemented a 2-step process to test the quality of each production batch. In the first step, a technician randomly selects 15 laptops from the batch and determines whether they meet specifications. The batch is considered acceptable provided no more than 1 laptop fails to meet specifications. Otherwise, the entire batch has to be tested in the second step. Historical data shows that 95% of the laptops produced adhere to specifications. Reflect on the following in a minimum of 500 words: What are the 4 characteristics of a binomial experiment? Can we use a binomial distribution to model this process? What is the probability that the entire batch unnecessarily has to be tested if in fact 95% of its laptops conform to specifications? (Hint: Use Excels =BINOMDIST() function to find the probability) What is the probability that the batch is incorrectly accepted if only 75% of its laptops actually conform to specifications? What situations in your organization might this type of analysis apply to? Explain.  Learning Material: Doane, D., & Seward, L. (2022). Applied statistics in business and economics (7th ed.). McGraw-Hill.