What are some benefits of applying probability concepts

Assignment Help Basic Statistics

Reference no: EM13815474

Probability

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

2. The admission officer at John Doe College checked the Scholastic Aptitude Test (SAT) math scores for all the students admitted in 2013 (mean = 640) and the SAT math scores for all the students admitted in 2014 (mean = 570) and concludes that the students admitted in 2013 had higher average SAT math scores than the students admitted in 2014. Which method did the admission officer employ? Descriptive statistics or inferential statistics?

3. What is the difference between descriptive and inferential statistics? Please give an example for each.

Reference no: EM13815474

Questions Cloud

How do destructive traits affect a business : Can destructive traits travel through other departments such as logistics, human resource, accounting and various other departments?

Hrm describe how the agency implements the relevant law : As the human resources manager, it is your responsibility to keep all human resources employees informed about current employment law. You want to empower employees with resources that they can use independently to research employment law issues and ..

Evaluate the negotiations between tom reed and jane axle : Evaluate the negotiations between Tom Reed and Jane Axle. What are your recommendations for Jane Axle as far as the next step in the negotiation process?

Hrm benefits policy that encompasses the scope of benefits : Create a benefits policy that encompasses the scope of benefits and a brief administrative section to address how benefits will be administered in your organization. Include a section on the roles necessary to carry out the policy within the organiza..

What are some benefits of applying probability concepts : What are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts?

Does a type of leadership differ from being a bad leader : Does a type of leadership differ from being a bad leader? Such as an autocratic, democratic, laissez-faire, transformational, followership, bureaucratic, charismatic, servant, and transactional leader?

Hrm do you believe employee elections regulated by the nlrb : Question 1 Discuss the difference between an employer's support of and domination of a union. Question 2 What actions can an employer take to try to discourage their workers from organizing? Do you believe this would ultimately benefit or hurt the em..

Must the company pay jane the overtime why or why not : I am volunteering the extra time and do not expect to be paid for it." Later, she changes her mind and demands to be paid for five hours of overtime. Must the company pay Jane the overtime? Why or why not

How is marginal analysis used in the price : How is marginal analysis used in the price and output decisions of firms in the various market structures - construct a table that describes the various characteristics of each market structure.

User Account

All Pages