Probability is used in business on a consistent basis to gauge the likelihood of one event occurring over another at a given time in the business cycle.
Considering this, respond to the following:
- From your organization, (Manufacturing company)Â identify 1â€“2 examples related to how data are collected and displayed to facilitate the determination of probability in the resolution of business-related problems.
- Describe how you would use probability to solve a business-related problem, such as budget forecasting or market forecasting for a particular season.
- Describe how the probability that a given product will be sold successfully in a given target market can be determined.
In business, managers are consistently faced with making important business decisions that involve one event occurring over another. Hypothesizing in business assists leadership in deciding which avenue to take for the overall health of the organization.
Respond to the following:
- What is difference between a null hypothesis and an alternate hypothesis?
- How can the null hypothesis and alternate hypothesis be used in making critical business decisions? Give examples.