Description
Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.
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Explanation & Answer
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An investor trying to analyze how much an investment product will return on an annual basis. The investor can find the mean of the returns of a company over a certain number of years and is able to project how much return is expected for that particular year. Standard deviation helps the investor to understand how reliable the mean value is in predicting the expected investment of that year.
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