Good Example Of Essay On Statistics

Probability is a very important tool in the business. Most companies’ uses probability in the decision is making to appraise financial and decision making risks, to generate business performance and uphold their information to industries and other competitors’ level. In making conclusion about various risks and different uncertainty factor play important role in decision making. Probability ideals are very important when such decision making are being made. These ideals are statistics and include different formulas and factors. The primary probability that are used in business decision making include; : objective of the business, a statistical model, the constraints in the business Ideal, analysis and lastly the conclusion. These factor aids in making the final decision that is unbiased to the financial position of the business. For example a company has a new typing machine. The company claims that the new typing machine increases the speed of the typist with 10 words per minute. The company uses this claim to advertise it product to ensure that the company obtain higher sales that it competitors. The managers of the company decided to determine if the advertisement policy increases the sales of the company. In this case the managers take the sales of the previous period and the current period and uses statistical tool to decide if the claim is significant.
Based on the above data, the probability that oil change take 15minutes or less is given by probability it take between 6 and 10minutes plus the probability it takes between 11 and 15 minutes
Probability oil change take ≤15 minutes= 319+819
=1119
=0.5789