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Descriptive Statistics Example Questions

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What are some conditions under which business decisions are made using subjective probability concepts? Give examples of subjective probability.

Give three different examples of where you might apply descriptive statistics in a workplace. Explain why each is appropriate for the data you are describing.

Where might you use the concept of the normal distribution (or departure from it) in the workplace? Give specific examples.

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A probability derived from an individual's personal judgment about whether a specific outcome is likely to occur. Subjective probabilities contain no formal calculations and only reflect the subject's opinions and past experience.

Subjective probabilities differ from person to person. Because the probability is subjective, it contains a high degree of personal bias. An example of subjective probability could be asking New York Yankees fans, before the baseball season starts, the chances of New York winning the World Series. While there is no absolute mathematical proof behind the answer to the example, fans might still reply in actual percentage terms, such as the Yankees having a 25% chance of winning the World Series.
http://www.investopedia.com/terms/s/subjective_probability.asp (source)

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Solution Summary

This solution discusses descriptive statistics.