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Probability in Business Decision Making

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1. What is the role of probability concepts in business decision making?

2. Define probability concepts.

3. Give two examples that are related to the farming Industry or any other Industry or professional environment.

THANK YOU, your help is greatly appreciated.

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These are the questions I need HELP with:

1. What is the role of probability concepts in business decision making?

The concept of probability occupies an important place in the decision-making process under uncertainty, whether the problem is one faced in business, in government, in the social sciences, or just in one's own everyday personal life. In very few decision-making situations is perfect information -- all the needed facts -- available. Most decisions are made in the face of uncertainty It is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research. It is also used in business for statistical process control, quality control, marketing and other day to day ...

Solution Summary

This discusses the role of probability concepts in business decision making with examples in 492 words.

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