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Statistical data in a business context that requires a decision. Use probability concepts to formulate a decision - Research Paper Example

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Every hamburger that remains unsold is wasted and results in a loss of $ 2 for the restaurant. This $ 2 is the cost of preparing a hamburger which includes the costs of the ingredients and other…
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Statistical data in a business context that requires a decision. Use probability concepts to formulate a decision
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Download file to see previous pages The consultancy guarantees that it will give the restaurant the perfect forecast or perfect information about its daily sales. With the perfect information the restaurant will know in advance how many hamburgers will be sold each day.
In taking this decision, the expected value concept has been applied. This has resulted in minimization of uncertainty of decision making for the restaurant. The restaurant should stock 200 burgers everyday. This will maximize its profit from the sale of hamburgers.
Statistical decision theory or Bayesian decision theory finds much application in business decision making. Managers of small and large businesses find it very useful. It is named after Reverend Thomas Bayes. Reverend Bayes was trying to prove the existence of God through the application of probability when he came upon his decision theory (Richard I. Levin, David S. Rubin ...Download file to see next pagesRead More
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