Scenario
The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. Do some research and present the results for the CEO.
The following is the necessary information to complete this lab assignment.
Deliverables
The deliverable for this lab is a Microsoft Word document, including completed work from all steps below.
Required Software
This lab will use the following Lab Resources.
Virtual Lab Citrix (MS Word 2016 or 2019)
Use a personal copy of the software or access the Lab Resources located in 4.2.1: Probability Readings and Resources and 4.2.2 Hypothesis Testing Readings.
Step 1: Lab Preparation
Resources for this lab are located in the 4.2.1: Probability Readings and Resources and 4.2.2 Hypothesis Testing links under resources. You may submit your findings in a MS Word document. Create the new Word document.
Step 2: Probability Research
Considering the CEO\’s request, you determine that some research needs to take place.
Define the following terms for the CEO and locate some chart examples of each type of analysis.
Probability
Optimization
Forecasting
Step 3: Integrating Data Research for Business
In one to two paragraphs, discuss what role probability and statistics play in business decisions.
In one to two paragraphs, discuss any ethical considerations when doing probability.
Summarize by explaining why probability is a good method for the CEO to consider.
Step 4: Complete and Submit Work
Submit your Microsoft Word file and your Microsoft Excluvel file (optional) to Canvas.
Scenario The CEO is interested in learning more about probability and how it wor
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