DQ 1

Most business decisions involve elements of uncertainty and randomness. The notion of probability is used everywhere, both in business and in our daily lives.

Explain the concept of probability by applying a specific application example of probability in business.

Discuss the economic implications of your observations.

DQ 2

Sampling is the foundation of statistical analysis. The first step in sampling is to design an effective sampling plan that will yield representative samples of the population under study.

Apply an example of a sampling survey for one or more industries, and briefly discuss how the expected sampling results could affect the industry/firms pricing strategies.