Discussion Post
1) Experience teaches us that the bulk of the technical material covered in this course will, unfortunately, be forgotten shortly thereafter. If you were to commit just three concepts you have learned in this course to your long-term memory, which concepts would you select and why?
2) Evaluate the applicability of each of the concepts that you've selected to a business environment in which you have worked in the past (or with which you might be familiar).
3) Describe how you would apply each of the concepts. Be specific.
4) Explain your goal in applying each concept to the environment that you have described.
One of the best tools available to business managers to help with the unknown is probability theory. Which offers a means of reducing uncertainty by estimating the chances of different outcomes occurring. For example, Flu season and the correct strand, how well does being vaccinated help with the flu. What happened in the past season to compare what the upcoming season will bring, (Anderson, 2018)
Data information and knowledge: Understanding the difference in all the pieces makes a great Impact. Data is pieces, information is structure, and knowledge is all the data information and put together and organized to complete collected information that will help make informed decisions and solve problems in everyday operations. For example, products that sell well and who purchases them will be your target customers to reach.
Population vs. sample: Understanding the relationship between them allows you to go beyond what is available. For the best analysis and for the best outcome you need to use a small sample of current or potential customers to get a solid answer. For example, using a discount card for services rendered in a company or organization which will allow you to group and analyze these groups. In the marketing world it is great to understand the difference of population vs sample and how to get the most out of the data available.
I have learned a lot in MBA5008 from added information to understanding in depth of old information. In this class my three favorite concepts were described above. Each concept holds a value in my everyday life and my business operation as a manager.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.
References
Anderson, D., Sweeney, D., Williams, T. (2018). (6th ed.) Modern Business Statistics with Microsoft Office Excel. Cengage. ISBN: 9781337115186.