Discussion Post: Methods of Analysis for Business Operations
• Think about how quantitative analysis is used in your current or a past place of employment. Was it effective? Why, or why not? Based on what you have learned in this unit, what suggestions for improvement would you give?
• How do you use probability in your everyday life? Based on what you have learned in this unit, will you make any changes? Why, or why not?
• Explain how you take the two basic laws of probability into account in your everyday life, and give real-world examples of each (other than flipping a coin and rolling a die).
• What is the difference between a discrete probability distribution and a continuous probability distribution? Give your own example of each. Have you seen these used in your daily life? Explain.
• Reflect on what you have learned in this unit about decision-making environments. Share a personal example of your decision-making under certainty, decision-making under risk, and decision-making under uncertainty. What was your biggest takeaway from each?
• Describe an example of when you used a decision tree and what the outcome was. If you have never used a decision tree, think about two alternatives in which you would have a reason to use a decision tree (e.g., buying a home, buying raw land). Explain your decision-tree model. Explain any assigned probabilities and why you selected them.
• Pick an industry or service that you use and describe how regression analysis is used in this industry.
• Identify an assignment in this course that had a positive impact on you. How will you be able to apply the skills you learned from it to gain life and/or career success?
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.