Qnt 351 Week 3, Dq 2

Week 3 DQ 2

What is the role of probability concepts in business decision-making? Provide specific examples.

Probability concepts in business can help with many different aspects of business operations. Probability concepts can help with finding out buying trends for customers. If a certain product is selected fairly often then it probably continue to remain a good seller. The probability concepts also work for the preferences of products also to determine ordering needs and how to market the products. If the probability is low the product is purchased then the product will be in a different section of the store than a product that is more purchased more often.

When I worked in the restaurant industry a short time ago, the preference for food...