Most business decisions involve elements of risk

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1. Most business decisions involve elements of risk and uncertainty. The notion of probability is used both in business and in our daily lives. Explain the concept of probability and provide an example of the classical definition and the relative frequency definition perspectives of probability - for instance, expected error rates in manufacturing, complaint rates in service sector, etc.

2. Sampling is the foundation of statistical analysis. The first step in sampling is to design an effective sampling plan that will yield representative samples of the population under study. Devise a sampling plan and approach used to obtain samples from a population prior to data collection activity. Please provide examples of sampling from various industries and potential sampling errors. An example might be the fast food surveys - do those attract folks with positive experiences, negative experiences, or those with different price elasticities?

3. Which company do you know of that successfully has been able to successfully or not manage its corporate structure in relation to its strategy? Explain your rational. Cite all your research accordingly.

4. Select a company of your choice. What has been their global competitive advantage (either successful or not)? If not, what would be your suggestion to this company if you were hired as a consultant? Justify / explain the rational you used. Cite all your research accordingly.

Reference no: EM13758380

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