Statistics
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1. How would you apply probability concepts, such as confidence intervals and point estimation principles, to make sound business decisions where there are conditions of uncertainty (risk). Pick a specific example from your own area of business experience.
2. Does good research always result in decisions that ..Mobilize the organization to take appropriate actions that, in turn, maximize business performance"? Why?
3. Now to good business research characteristics. Consider: "good business research would be research that seeks out the problems underneath the problems, one that seeks out a true solution to help the company. We would expect this to require precise planning and data acquisition. ". From this we have:
â?¢ addresses the real problem not symptoms
â?¢ provides a solution
â?¢ precise planning
â?¢ data acquisition
These are some but are they sufficient to give us good business research? what else is needed
4. Consider, "Inductive reasoning does not have the strength of relationship between reasoning and conclusion that deductive reasoning does. â??Why is this? Surely there must be a relationship between reason and conclusion in inductive logic.
5. Consider, can we always create an inductive logic example if we have a deductive logic example ? explain.
6. Consider "600 sounds like a feasible sample size, but it is all relative to the size of the customer base. "
Why care?
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Solution Summary
Thsi solution discussed probability, good research and inductive reasoning.
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1. How would you apply probability concepts, such as confidence intervals and point estimation principles, to make sound business decisions where there are conditions of uncertainty (risk). Pick a specific example from your own area of business experience.
I would apply probability concepts to make sound business decisions in a number of ways. This is done first by means of coming up with a survey for individuals within the company itself, such as the library or within academia itself. I would want to understand the behavior of students within my classroom in order to find out if they are acting ethical or not when I am grading their tests and papers. Regardless, the confidence internal and point estimation are used as a means in which to understand where they are coming from on how they view a specific scenario or not at that given time. In the end, the survey provides me a base in order to use probability, so that I can meet the needs of my students more effectively within the learning environment.
2. Does good research always result in decisions that ..Mobilize the organization to take appropriate actions that, in ...
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