Week Three Discussion Questions
What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.
An oil change shop advertised to change oil within 15 minutes. Based on the data collected on a typical day, what is the probability that oil change will take 15 minutes or less time? Based on the data, do you think the business claim is valid? Explain why or why not.
What are the characteristics of standard normal distribution? The HR department of an organization collects data on employees’ age, salary, level of education, gender, and ethnicity. Which data do you think is more likely to follow normal distribution? Explain why.
Should a company make a decision based solely on probability instead of doing a research study? Justify your answer.
What are some conditions under which business decisions are made using subjective probability concepts? Provide at least two examples of subjective probability.
What is the role of probability concepts in business decision-making? Provide specific examples.
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