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.