Wk 3 paper - Decision of Uncertainty 1 Decision of...

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Decision of Uncertainty 1 Decision of Uncertainty Hector Sierra University of Phoenix QNT/561 February 21, 2010 Abstract In this day and age, technology has practically taken over every person’s life around the world. People shop, conduct research and conduct business from many sources with internet access available. There are risks involved with starting either a physical business or even a web- based business. Before deciding to start up a home-based business, entrepreneurs must determine whether or not pursuing the business is feasible. The use of statistical data in business is an effective decision making tool. The use of probability concepts to formulate a business decision, whether starting a home-based business or simply growing a business, is definitely an effective
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Decision of Uncertainty 2 alternative. Research methods and processes for limiting the uncertainty in deciding whether a home-based business is riskier than a physical business will be furthered explored and explained. Internet Business According to internetworldstats.com (2010), there are a total of 1,733,993,741 internet users worldwide. There is a strong possibility of successfully entering the internet business market with a less chance of failure than a physical small based business location in one area. The question at hand is whether the home based business idea is one that has a good probability of success. In order to help the decision making process, Bayes’ Theorem was employed. Bayes’ Theorem helped determine the probability whether starting a home-based business successfully was realistic or not. The growing number of internet users has grown 380.3% from 2000 to 2009
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This note was uploaded on 04/23/2010 for the course BUSINESS 551 taught by Professor Charnell during the Spring '10 term at University of Phoenix.

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Wk 3 paper - Decision of Uncertainty 1 Decision of...

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