As a manager using probability would be helpful in making business decisions for the future of the office. Using my office as an example the manager could use probability by using the numbers from previous months about the amount of Soldiers that come in and out of the office to decide how much manpower is required to complete the work that we will get. Using this approach would be an advantage to our office because we wouldnt be caught off nurse with only a few technicians to do the work with an influx of Soldiers. For example, the manager could look at the numbers from culture year to predict what our busy months would be and request superfluous help if needed.
The disadvantages or pitfalls could be that probabilities might not unendingly be true. Even if the probability is 99% that something will pass on there is always a 1% chance that it wont.
Bowerman, B. L., OConnell, R. T., Murphree, E., and Orris, J. B. (2012). Essentials of Business Statistics (4th ed.). New York, NY: McGraw-Hill.
A)The key to probability is to think considerable term. One of the situations that a manager could use probability to approach business is in the sales division. A manager could use that situation as to figure the sales forecast to be for the next fiscal year or quarterly for that matter. At times, probability can be a matter of chance, much(prenominal) as a person using subjective probability because it is based expertise and intuition, so to speak. Some of the dangers of using probability in business could be misleading data in sales or if it is a situation in sales, the preservation could play a part in the numbers, or at the time of the sales, the product could...If you want to get a wax essay, order it on our website: Orderessay
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