Probability and Conditional Probability in Business Decision-Making

| July 13, 2015

Can someone please reword this for me is due by midnight today.

In the video he talks about traffic on the freeway. He said that if you know the conditional probability you can see when the freeway will have more traffic and on what day. He then goes into talking about a hard ware store and how that knowing the probability of people sending a product back.  If you know the conditional probability you can find the age and gender of the people more likely to send a product back.  Knowing this information can benefit a company because you know what to expect before it happens and know that it may not be the company but the people getting the product.  He also talked about an x box and how they release a new x box you can get rebates and that draws people in to buy that product or to trade up.  Much thought is put into these when deciding what to do next with a product.

 

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2018DISC
BUS 405 Complete Class - All Quizzes and Assignments
Budget Request and Cost-Benefit Analysis

Category: Business Studies

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