Decision under uncertainty - bayes theoremresearch

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Reference no: EM13367366

Decision Under Uncertainty - Bayes' Theorem

Research statistical data in a business context that requires a decision. Use probability concepts found in Bayes' Theorem to formulate a decision.

Address the following:

- Include how you applied concepts to formulate your decision.

- Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.

- Identify each outcome from your statistical analysis, providing rationale for each.

- Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.

- Include the decision you made based on statistical data.

Reference no: EM13367366

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