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.