Search
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

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

Summary
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…

## Extract of sample"Statistical data in a business context that requires a decision. Use probability concepts to formulate a decision"

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
Cite this document
• APA
• MLA
• CHICAGO
(“Statistical data in a business context that requires a decision. Use Research Paper”, n.d.)
(Statistical Data in a Business Context That Requires a Decision. Use Research Paper)
Statistical Data in a Business Context That Requires a Decision. Use Research Paper. https://studentshare.org/statistics/1578350-statistical-data-in-a-business-context-that-requires-a-decision-use-probability-concepts-to-formulate-a-decision.
“Statistical Data in a Business Context That Requires a Decision. Use Research Paper”, n.d. https://studentshare.org/statistics/1578350-statistical-data-in-a-business-context-that-requires-a-decision-use-probability-concepts-to-formulate-a-decision.
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
ETHICAL DECISION
Samuels, I would like to draw your kind attention to the contingency that has confronted our Company recently with regard to the above issue and offer my opinions and suggestions on the matter of presence of unacceptable levels of lead randomly found in the whistles to be supplied to elementary school children within the age group of 7 years and less.
6 Pages(1500 words)Research Paper
Employees in the company often make decisions on behalf of or for the company. These decisions are often based on a certain framework, model or set standards upon which clearly laid down guiding principles that employees are required to adhere to are stipulated. Ethical decisions in business are unique to different companies.
6 Pages(1500 words)Research Paper
Using Probability Concepts to Formulate a Decision Making for ABC
Corn production is affected by extreme weather conditions as corn requires warm weather when it is sown. In the past few years farmers have experienced severe weather conditions in the planting and growing season. This has resulted in a lower yield per acre and has affected the price of corn.
3 Pages(750 words)Case Study
A Decision of Uncertainty
A Decision of Uncertainty To Diversify the Range of Products or Open a New Branch The last financial year was a rather successful time for the enterprise I work for part time. It is a new business enterprise that has been in existence for three years. It deals with service of coffee and coffee products.
2 Pages(500 words)Research Paper
Quality Concepts of Statistical Applications
This craftsmanship model was followed though to the 19th century in the industrialized world. Manufactures then started incorporating quality processes in quality practices in the 20th century. Before delving into the quality concepts, it is important for first comprehend the term quality.
11 Pages(2750 words)Research Paper
It is about ethical leadership. Ethical leadership is a required response to ethical crisis within organizations. Ethical leadership is not just having good character and the right values. Ethical leadership takes into account the situation or the context that the constituents and the leader face, the leader, the leader’s processes and skills, the key stakeholders and followers, and the outcomes that result.
9 Pages(2250 words)Research Paper
On the other hand, Satisficers, are the persons who are able to take faster decisions since they know their basic needs and thus look for a decision within a minimum framework or criteria that need to be met. Once the minimum framework of criteria is met.
6 Pages(1500 words)Research Paper
The academic journal refers to undertaking a quantitative study with the small business organization in order to appraise the strategies of leadership in relation to the quality management and customer satisfaction within the organization to conduct the performance
15 Pages(3750 words)Research Paper
Statistical Analysis of Experimental Data

The author states that research plays a major role in psychology. The results are relayed through statistics. In order to understand how people behave, think and feel. Research needs to be organized to be understood by psychologists; therefore statistics make the connection between the research and group of people.

3 Pages(750 words)Research Paper
Decision making and problem solving concepts and principles
on making should be purpose driven in that it should be aimed at achieving a specific goal, should be inclusive in that it involves the participation of all involved parties, should be time limited in that it should have realistic deadlines, flexibility in that the deadlines
4 Pages(1000 words)Research Paper
Let us find you another Research Paper on topic Statistical data in a business context that requires a decision. Use probability concepts to formulate a decision for FREE!
+16312120006