BUS306 - Quantitative Reasoning - Probability Theory
Your specific assignment for this week is to select a type of quantitative data to collect from your own life. Some examples of data to collect could be:
Please divide the day into two parts: AM and PM and get the data on one of these items for each part.
In a brief paper, describe the data you are going to collect. Collect data starting today so you can have at least 20 observations (two for each day), preferably more. Provide a description of the item you collected, and a table with the data that you have collected until the date of your uploading of this Module's SLP report. [You will use this data table for next assignment]
(Aside from the above assignment, answer questions in a small paragraph): A famous economist, Franc Knight, coined a definition regarding the distinction between "risk" and "uncertainty": He defines risk as a situation where we know the possible outcome of a particular course of action and we also know the probabilities of different outcomes (think of an example). Uncertainty is defined as a situation where we don't know exactly all the possible outcomes of a particular course of action, not the probabilities of each outcome.
What do you think is the typical situation in the business world: risk or uncertainty?
Can you think of situations in the business world or other real life situations where you would need to estimate probabilities?
Excerpt from file: Math Tutorial BUS306 - Quantitative Reasoning - Probability Theory Your specific assignment for this week is to select a type of quantitative data to collect from your own life. Some examples of data to collect could be: The number of people you see at your work place each half day. The number
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