Reference no: EM133169767

Question 1.

Think about how quantitative analysis is used in your current or a past place of employment. Was it effective? Why, or why not? Based on what you have learned in this unit, what suggestions for improvement would you give?

Question 2.

How do you use probability in your everyday life? Based on what you have learned in this unit, will you make any changes? Why, or why not?

Question 3.

Explain how you take the two basic laws of probability into account in your everyday life, and give real-world examples of each (other than flipping a coin and rolling a die).

Question 4.

What is the difference between a discrete probability distribution and a continuous probability distribution? Give your own example of each. Have you seen these used in your daily life? Explain.

Question 5.

Reflect on what you have learned in this unit about decision-making environments. Share a personal example of your decision-making under certainty, decision-making under risk, and decision-making under uncertainty. What was your biggest takeaway from each?

Question 6.

Describe an example of when you used a decision tree and what the outcome was. If you have never used a decision tree, think about two alternatives in which you would have a reason to use a decision tree (e.g., buying a home, buying raw land). Explain your decision-tree model. Explain any assigned probabilities and why you selected them.

Question 7.

Pick an industry or service that you use and describe how regression analysis is used in this industry.

Question 8.

Identify an assignment in this course that had a positive impact on you. How will you be able to apply the skills you learned from it to gain life and/or career success?