QNT 275 Week 3 participation Essentials of Business Statistics, Ch. 4

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QNT 275 Week 3 participation Essentials of Business Statistics, Ch. 4
Thoughts on this Chapter (By Hermis) 

Team

 

This was an interesting chapter, I think the use of data from space to discuss the conversion and inference of data. Any time you have raw data, you can convert the data into a numerical set and apply a statistical technique to it in order to understand how the sample population is behaving. Are you interested in understanding if life on another planet exists? If "yes" the formula you can use is called Drake's Equation. This equation is a guesstimate and tells the researcher the probability of life on another planet based on radio waves received from space.

 

Let's take this down to earth to something more applicable. You can use statistical probability to determine the probability of something occurring. There are 3 major types of probability. They are continuous probability, discrete probability and the probability of independent events.

 

Of the 3 probabilities, which probability represents the role of dice, or a quarter?

 

 

The Probability of Independent Events (Example by Hermis) 

Team


Check out this scenario I created this example (step - by step) on how to solve a Probability of Independent Events. What is one workplace scenario that you could apply the Probability of Independent events to?

 
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