After reading the example above where one can see how probability values can be used in managerial decision-making to establish a product guarantee

1. After reading the example above where one can see how probability values can be used in managerial decision-making to establish a product guarantee, post a comment where you think probability could be used to help solve other management-type questions/problems. Think of something at work, past or present, where you could apply the techniques in the example to assist in making the best decision. If you can’t draw on a life experience, then think of a product/issue where this process could be applied. Please explain your answer. Remember to cite your resources and use your own words in your explanation.

2. What method of assigning probability (relative frequency, classical, or subjective) discussed in MAT220.31 do you feel is the most appropriate to use and why? To demonstrate your understanding, please provide an example that is not found in your text.

Expert Solution

orchestra answered 2 years ago

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