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.
As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.
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.
When would you use Chebyshev's theorem and the empirical rule in business? How are they calculated? Provide one real-life example that requires Chebyshev's theorem and one that requires the empirical rule.