Response follow questions

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Business Finance

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PLEASE RESPONSE THESE TWO QUESTIONS.

NO MORE THAN TWO OR THREE PARAGRAPH FOR EACH QUESTION


DISCUSSION QUESTION 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.

DISCUSSION QUESTION 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.

***NO PLAGIARIZE

**RESPONSE MUST BE MBA LEVEL

**APA REFERENCES


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Explanation & Answer

Attached.

Running Head: STATISTICS AND BUSINESS

Statistics and Business
Institution Affiliation
Date:

1

STATISTICS AND BUSINESS

2

Question 1
Actually, it is clear that the management together with the decision makers of every firm
despite its size have to use the probability in the day to day decision making. Every business or
personal decision made has to have an aspect of probability in a way or the other. It does not
have to have the underlying formulas as well as the accompanying calculation but rather some
basic concepts to do with the...


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