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Why is using Bayes’ theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not?

How may variance and standard deviation be applied to a real-world business-related problem? Provide a specific application in which these measures are useful.

When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale.

Why is using Bayes’ theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not? What are some prerequisites for using Bayesian statistics?

As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.

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