BUS 308 Week 2

Week Two Quiz

Complete the quiz on the assigned readings for the week.

Assignment

Complete the following problems from the textbook and submit them as a Word file. When appropriate, you may use either Excel or Megastat to complete (see tutorials in chapter appendices).

Chapter 4: 4.4, 4.20

Chapter 5: 5.12

Chapter 6: 6.22(a)

Discussion Questions

Relative Frequency Conceptually we would expect the probability of newborn males and females to be the same. However, census reports indicate that the ratios of males and females in various countries do not conform to the theoretical prediction. What do you think accounts for this variation? Can you think of other cases where the expected probabilities do not quite agree with the empirical values?

Applications for Probability In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions? Are there any disadvantages or possible pitfalls to avoid in using probability in business?