Examples of Use of Probability in Professional Business Setting Discussion

Part 1 – Define independent and mutually exclusive events. Can two events be mutually exclusive and independent simultaneously? Support your answer with an example.

Part 2 – A bag contains 25 balls numbered 1 through 25. Suppose an odd number is considered a ‘success’. Two balls are drawn from the bag with replacement. Find the probability of getting

two successes

exactly one success

at least one success

no success

Part 3 – Using the attached data set for our company, what is the probability of selecting each rank (for example, supervisor).

Requirements: 750-1000

Please share three examples of how you might use probability estimation in a professional business setting. Your examples should be different from any examples shared by your classmates so far (good incentive to post early in the week)!

Requirements: 250-350 and will send 2 student posts asap

• ……………………………………………………………………………………………..
• Post and 2 responses
• Explain how the concepts of probability theory can give rise to puzzle and paradox
• Explain why we cannot trust our intuition with probability and yet 99% of the decisions we make in no technical environments are made with the benefits of human experience and intuition.