What are the uses of probability in business decision making?
Credit: Jonathan Kitchen Digital Vision Getty Images
Q:

What are the uses of probability in business decision making?

A:

Quick Answer

Using probability to make business decisions is an abstract approach that can minimize financial risks for business owners and investors. Probability can also help guide businesses in regard to marketing and employee retention rates, as well as provide more accurate financial goals and long term business plans.

  Know More

Full Answer

According to AZ Central, almost every business decision is based on probability in one way or another. Combining probability with statistical information allows business owners to make the best decisions possible concerning how independent or dependent economic events will affect their business. Think of probability as a way to knock down obstacles before they are ever reached in the business world.

Learn more about Business Resources

Related Questions

  • Q:

    How do you avoid eye strain while working on a computer?

    A:

    According to All About Vision, key tips for avoiding and reducing eye strain while working on a computer include making sure the work area has proper lighting and reducing glare. In addition, it is important to get regular eye exams and to keep glasses or contacts prescriptions updated.

    Full Answer >
    Filed Under:
  • Q:

    How do I make an inventory sheet?

    A:

    An inventory sheet is important because it lets businesses and individuals know how much of a particular item they have in stock, making it easier to keep items in stock. To create an inventory sheet, the items must be known and then described. The items must be titled, essential details must be added to the master list, the inventory list must be created and the data must be input.

    Full Answer >
    Filed Under:
  • Q:

    What are some uses for Deltek Time & Expense?

    A:

    Deltek Time & Expense is a resource that allows business owners to reduce the burden on their human resources, accounting and payroll departments by computerizing the collection, processing and approval of labor expenses. This lowers operational costs, increases employee productivity and ensures the company complies with all government labor regulations.

    Full Answer >
    Filed Under:
  • Q:

    Why is good communication important to business?

    A:

    Strong communication is essential to business owners and companies because it can help ensure that they are taking advantage of opportunities that come their way. Communication can also improve employee morale.

    Full Answer >

Explore