QNT 561 All Week 3 Assignments – A Decision of Uncertainty Paper
Week 3 Discussion questions 1, 2
Week 3 practice problems
Week 3 individual assignment as described below:
A Decision of Uncertainty Paper
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:
· 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.
Format your paper consistent with APA guidelines.