· Resource: Week Three Student Roadmap (ENCLOSED)
· 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. Explain the following:
· Include how you applied concepts to formulate your decision
· Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.
· Identify each outcome from your statistical analysis, providing rationale for each.
· Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.
· Include the decision you made based on statistical data."
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