Use the information in the book or other sources to complete the following questions:
1. Can businesses use probabilities to improve business decisions in the organization? Please explain with examples.
2. Let’s say you are part of a manufacturing organization, and you want to open another line of business. You received news of three possibilities. The line will have a 45% chance of making a profit of $150,000, 20% chance of making $25,000, and a 30% chance of losing $125,000. What is your decision? Think about objective and subjective probabilities.
3. For this question, you will need to understand Poisson’s distribution. You own an ice cream shop selling 4 ice cream sandwiches every hour. You believe that you can sell 6 ice cream sandwiches in the next hour. What is the probability of this happening? Explain and show your work.
Need about 2 pages with peer-reviewed citations.
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Chapter5BusinessAnalytics_Albright.pdf
