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What is the decision making process or processes in business organizations?

Unknown elements need to be guessed or weighted against each other to make the best possible decision. What role would probability serve when dealing with unknown elements?

What is the decision making process or processes in business organizations?

Training can be beneficial. Let's say you have a sales organization that sells financial products that are fairly complicated and most people do not understand the products. What type of training and in what areas would you train this sales force? What if you have a sales force that sells tractors, would the training for this sales force be different than the training for the sales force for the financial products?

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http://psychology.ucdavis.edu/rainbow/html/fact_sample.html

http://www.eng.nus.edu.sg/civil/REC2010/documents/papers/013.pdf

http://www.mindtools.com/pages/main/newMN_TED.htm

http://www.finra.org/

Unknown elements need to be guessed or weighted against each other to make the best possible decision. What role would probability serve when dealing with unknown elements?

Probability is about dealing with the unknown, what do the variables cause and how will those outcomes change if the variables change. Probability is the measurement of how likely something is to happen. When sampling, one can only hope to get an accurate outcome that extrapolates to the entire population in question. Probability, when all information is not known, becomes ambiguity. Probability can help with the ambiguity by allowing for it. The unknown becomes the X in the equation of 'what if?'

For example, the sample has 500 males from different income levels. One income level is not included because the sampling did not have ...

Solution Summary

Decision making processes or processes in business organizations are examined.

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