What Are the Uses of Probability in Business Decision Making?


Probability in business decision making is mostly used in many companies and the uses of probability in business decision making are; to appraise financial and decision making risk, to develop business performance and relate their information to the industry standard or a competitor.
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Probability is used in business to evaluate financial and decision making risk. Probability is used to improve business performance.
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Ask.com Answer for: probability concepts in business decision making
Role of Probability Concepts in Business Decision Making
Decision making is the process where owners and managers review information relating to new opportunities. This function relies on different approaches for evaluating information. Using probability concepts is a statistical approach for making decisions.... More »
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Source: www.ehow.com
The evaluation of various risks and other uncertain factors come into play in business decision making. Probability concepts are an important factor when making these decisions. These concepts are primarily statistical and involve different factors and formulas. They are usually made up of five different steps or subsets. These are an objective, a statistical model, observations and/or constraints, an analysis, and finally a conclusion. All of these factors will help make a final and unbiased business decision.
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