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.