QNT 561 Week 3 Individual A Decision of Uncertainty Paper

Individual

A Decision of Uncertainty Paper

Resource: University of Phoenix Material: A Decision of Uncertainty

Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision.

Write a 700- to 1,050-word paper explaining your research methods and process for limiting the uncertainty in the decision.

Address the following in your paper:

·  Include how you applied concepts to formulate your decision.

·  Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.

·  Identify each outcome from your statistical analysis, providing rationale for each.

·  Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.

·  Include the decision you made based on statistical data.

Format your paper consistent with APA guidelines.