Qnt 561 Week 3 Essay

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Week Three Discussion Questions • Can the probability be more than 1 or less than 0? Explain why or why not. According to the Statistics for Business and Economics book, probabilities have to follow two basic rules and one of them is that the number has to be between 0 and 1. Therefore, the probability cannot be more than 1 and less than 0. • Based on the data collected on a typical day, what is the probability that oil change will take 15 minutes or less time? Class Interval Frequency 6 to 10 minutes 3 11 to 15 minutes 8 16 to 20 minutes 6 21 to 25 minutes 2 More than 25 Minutes 1 11/20= 55% chance that the oil change will take 15 minutes or less. • What are the characteristics of standard normal distribution? A standard normal distribution is defined as a normal distribution with the numbers 0 and 1, according to the Statistics for Business and Economics book. •…show more content…
Two examples of subjective probability are estimating the likelihood of the Baltimore Ravens going to the Super Bowl again this year, and the likelihood of them winning the Super Bowl again. • What is the role of probability concepts in business decision-making? The role that probability concepts play in business decision-making is that it can help when trying to make decisions such as which options might be better for a business such as what product to sell or what name to use for the

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