Problem: Research statistical data within a business context that requires a decision to be made. Then, use probability on your researched data to formulate a decision.
Explain your research methods and process for limiting the uncertainty within the decision. Discuss your results in an in-depth narrative. Be sure to explain the following in your paper:
o The method you used to apply the concepts from the example scenario to formulate your business decision of uncertainty
oThe appropriate probability concepts and your application of them to find data that limited the uncertainty of this business decision
o Identifications of each discrete outcome from your statistical analysis, providing a statistical rationale for each
o The trade-offs between accuracy and precision required by the use of various probability concepts and the effect on your data