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Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.

QNT 561 All Week 3 Assignments – A Decision of Uncertainty Paper

Includes:

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.

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