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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.