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Probability Concepts in Business Decisions

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I need assistance responding to the discussion question below:

Probability is a very interesting concept. It's one where you may never think about calculating or using it in real life. However, we tend to use it more frequently than we believe. I use probability every day, but I never calculate the probability using a formula. It's more of a "what's the probability of me making it to work on time if I leave at ___ time." Rather than go into the details of the formulas, think about your current workplace and if you were/are in charge.

As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.

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Benefits of Probability Concepts in Business Decisions
Probability is an interesting area of subject that is quite useful to solve business-related problems. It is because there are various probability concepts that are applicable in business decision making by predicting possible outcomes for future business plans. For example, in case of production related problems, the use of probability concepts will be effective to meet production targets and know about business trends by forecasting about material and other resources needed in the future (Provost & Fawcett, 2013). This are examples of some manufacturing firms like British motor heritage and MG motors that uses probability concepts in decision making for providing specification to ...

Solution Summary

In this response, it is explained what are some benefits of applying probability concepts to solve business-related problems to a manager. Also, it is discussed whether business decisions suffer without probability concepts or not.

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