QNT 561 Week 3 Individual Assignment Decision on Uncertainty Paper

Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision.

• Write a 700- to 1,050-word paper, explaining your research methods and process for limiting the uncertainty in the decision.
• Address the following in your paper:
• Include how you applied concepts to formulate your decision.
• Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.
• Identify each outcome from your statistical analysis, providing rationale for each.
• Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.
• Include the decision you made based on statistical data.
• Format your paper consistent with APA guidelines.