1. Provide an example of a company or organization that embeds business statistics to inform its business decision makers? How does the company or organization you selected make decisions on the following areas?
a. Market Research
b. Quality Control
c. Product Planning
d. Personnel Management
2. Within business operations management why is risk evaluation such an important factor in predicting sales? How does risk evaluation provide “intelligence” and provide added value services? Hint: Measured Risk
3. Why are some key benefits of scenario analysis—how does it help businesses make better decisions? Is it a zero-sum game or does the team need to consider a best-case and worst-case scenario? Hint: economic, geopolitical and technological challenges will always occur
4. Statistics can be used to inform business decision-makers –please provide an example of how statistical research gives managers the information they need to make informed decisions? Hint: Business managers analyze statistical data to determine how to proceed in areas including marketing, financial analysis and accounting.
5. Probability distributions (within business management) can be useful application tool for analyzing commercial challenges (business issues), specifically those that involve uncertainty or risk behavior. Give an example of how probability distribution is used to understand and solve business challenges. Hint: Manufacturing, Labor and good
Please make sure you use APA guidelines for all your formatting and citations. Should be a minimum 3-4 pages, Word document: Times New Roman font, 12-pt font. Title page and the reference page are required.
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