Question

With the spread of the Coronavirus, much of the business community’s traditional way of looking business has changed.  The business community is looking more flexible business operations with minimum human interaction with least amount of stocks goods and services.  Perhaps e-business, efficient customer care and response, electronic billing and payment systems and the Japanese concept of just-in-time delivery are considered to be the components of a viable business operation.  

In your BUS 209 class, you learnt Solving Problems, Some Special Equations and Rates of Change, Summarizing Data, Measuring Uncertainty and Probability Distributions.  Examine the different components of viable business operation by applying quantitative methods to collect and describe data using sampling methods. To assess the components risk and uncertainty, you may use probability distributions, expected value, variance and standard deviation.  

Hint: The following functions are considered to be the most important business functions

1. Management Information Function;

2. Innovation (Research & Development)

Answer 1

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