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Assignment Week 1
Answer the following questions:

1. Describe the rationale for utilizing probability concepts.
For practical reasons, variables are observed to collect data. The sampled data is then analyzed to elicit information for decision making in business and indeed in all human endeavors. However, sampled information is incomplete and not free from sampling error. Its use in decision-making processes introduces an element of chance. Therefore, it is important for a decision-maker to know the amount of chance associated with a statistical decision of it being wrong. To quantify the amount of chance due to sampling error, basic probability concepts are indispensable via modeling sampled populations and testing of research
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This tells you that the probability of deviations from the mean are comparable in either direction.
Please provide a written example of how 'understanding distribution ' can be an asset for any business project. I’m not sure how to put this in words but gives the business a picture of what the outcome could be both positive and negative outcomes. 3. Describe in at least two paragraphs the quantitative analysis approach, to include a high level overview of the importance of identifying the problem, developing a model, acquiring input data, developing a solution, testing the solution, analyzing results, and implementation. 4. Respond to at least two other posts to receive full credit.
Assignment Week 2
Answer the following questions in 1 to 2 pages:

1. What benefit does a variable provide when developing and examining models? 2. Explain the purpose of simple linear regression and scatter diagrams. Please provide a simple linear regression model and define each variable used. 3. Describe multiple regression analysis and discuss potential uses for this model 4. Discuss the different types of forecasts to include time-series, causal, and qualitative models. When might a researcher or project manager utilize exponential smoothing? What benefit does a Delphi technique provide when working with qualitative-based decision making?
Respond to at least two other posts to receive full credit.
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