QNT 275 Week 3 Participation Probability and Conditional Probability in Business Decision

Watch the “Probability and Conditional Probability in Business Decision-Making” video.

Consider the following as you watch:

• Define probability.
• Provide three examples of probability.
• Define conditional probability.
• Provide three examples of conditional probability.
• Describe what questions you might ask to determine probability of risks when starting your own company.
• Provide at least three questions.

QNT 275 Week 3 Learning Team Collaborative Discussion: Probability

Resource: Case Study 5.2 in Chapter 5 of Essentials of Business Statistics

Calculate the requested probabilities for items 1-3.

Discuss your findings for the probabilities.

• Identify the smoking trend from 1997-2007.
• Explain whether this is a discrete, continuous, or conditional probability.
• Explain how probabilities help you understand trends in data.
• Recommend steps related to smoking behavior based on this trend.