Qnt351 Week 3 Individual Assignment
1. Individual Assignment: Decision of Uncertainty Paper
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· Resource: Week Three Student Roadmap
· Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision.
· Write a 700- to 1,050-word paper, explaining your research methods and process for limiting the uncertainty in the decision.
· Address the following in your paper: (Introduction-150) Tuesday
o Include how you applied concepts to formulate your decision. (150) Tuesday
o Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision. (150) Wedanesday
o Identify each outcome from your statistical analysis, providing rationale for each. (150) Wednesday
o Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data. (150) Thursday …show more content…
Accuracy is referring to the measurement system and the degree of closeness that a measure has to the actual value. Precision is reproducibility is the degree to which measurements show the same results. This can be seen in the Microsoft situation because you had two alternatives: monopolistic practices, and non-monopolistic practices. The merging and monopolistic practices had a better outcome than the alternative. This formula shows accuracy because the measure is close to the actual results desired. This formula is also precise because it shows how the measures are the same when minor variables are changed. This helps to show which alternative is more important in this situation. I think that accurate data is more reliable in this situation because it helps to show that the formula produces a result that is greater when there is a monopoly which is showing accuracy in the data
asafd
· Resource: Week Three Student Roadmap
· Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision.
· Write a 700- to 1,050-word paper, explaining your research methods and process for limiting the uncertainty in the decision.
· Address the following in your paper: (Introduction-150) Tuesday
o Include how you applied concepts to formulate your decision. (150) Tuesday
o Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision. (150) Wedanesday
o Identify each outcome from your statistical analysis, providing rationale for each. (150) Wednesday
o Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data. (150) Thursday …show more content…
Accuracy is referring to the measurement system and the degree of closeness that a measure has to the actual value. Precision is reproducibility is the degree to which measurements show the same results. This can be seen in the Microsoft situation because you had two alternatives: monopolistic practices, and non-monopolistic practices. The merging and monopolistic practices had a better outcome than the alternative. This formula shows accuracy because the measure is close to the actual results desired. This formula is also precise because it shows how the measures are the same when minor variables are changed. This helps to show which alternative is more important in this situation. I think that accurate data is more reliable in this situation because it helps to show that the formula produces a result that is greater when there is a monopoly which is showing accuracy in the data