Applications of Probability in Business Decisions
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In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid in using probability in business?
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Solution Summary
Application of probability business decisions are examined.
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Business managers can use probability in a variety of ways to approach business-related problems.
For example, if economists forecast a 30% chance that an event will occur a business manager can use that in his planning for project payoffs. For example:
If Event occurs, loss will be $1,000
If Event does not occur, profit will be $2,500
Since economists forecast only a 30% chance of the Event occurring, the manager can use this ...
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