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1. Individual Assignment: Decision of Uncertainty Paper asafd · Resource: Week Three Student Roadmap · Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision. · Write a 700- to 1,050-word paper, explaining your research methods and process for limiting the uncertainty in the decision. · Address the following in your paper: (Introduction-150) Tuesday o Include how you applied concepts to formulate your decision. (150) Tuesday Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision. (150) Wedanesday o Identify each outcome from your statistical analysis, providing rationale for each. (150) Wednesday o Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data. (150) Thursday o Include the decision you made based on statistical data. (150) Friday (Conclusion-150) · Format your paper consistent with APA guidelines.
When looking at statistical data in businesses it is important to note that there needs to be decisions inferred in order to reach a conclusion about a particular scenario. When looking at Microsoft you can see that there is statistical data that shows that they are in a monopoly. This data is seen by their power in the computer industry and their dominance over other computer companies. They need to make a decision based upon this accusation about how to regulate their future business policies. We can use research methods in order to reach a conclusion about what the company can do in order to better satisfy its customers and competitors.
One way of doing this is to follow a customer survey where random people are selected and questioned about the monopolistic practices evident in Microsoft. This would help Microsoft use probability concepts to formulate a decision within their business that would use statistical data in order to achieve a result. The main concepts used in statistics that would help Microsoft include the probability concepts, and application concepts to help find data that would limit uncertainty in decision-making. The main concepts to look for include the research and the scientific methods used in business research methods.
The good research methods can be seen through: purposeful clearly defined goals, ethical procedures, and evidence of objectivity. Using the scientific method would help to look at concepts and symbols used at theoretical levels for the purpose of testing and measurement. The scientific method will help to use problem solving to help conduct research. Microsoft’s research question will be about their monopolistic practices, and the sampling will be done based on a large sample of customer surveys with the clear goal of determining an outcome and resolution for the company.
There are two outcomes to choose in this instance with Microsofts monopolistic policies. They could combine with another company (buy them out) which would greater increase their monopoly, or they could choose not to which would let another computer company the option to venture out on their own. In order to determine which option is the best a statistical analysis can be done to analyze the two outcomes. When looking at a general tying approach in business, you can see that tying strengthens ones investment. Analyzing the given formula: 1/2[1 – p([I. ub. 2])][1 + (1 – [Lambda])p([I. sub. 2])]S [is greater than or equal to] 1/2[1 – p([I. sub. 2])][1 + p([I. sub. 2])]S (www. entrepreneur. com/tradejournals/article/73891261_5. html). This basically shoes that merging strengthens incentives because firm 1 can only benefit from its own innovation when the other entrant is successful in a single component. Merging basically strengthens the investment potential of both parties, although one could argue that monopolistic practices could be a result of this outcome.
When the firms are not tied, the opposite result is produced. When looking at statistical research, the two alternatives of accuracy and precision can be seen in statistical concepts. Accuracy is referring to the measurement system and the degree of closeness that a measure has to the actual value. Precision is reproducibility is the degree to which measurements show the same results. This can be seen in the Microsoft situation because you had two alternatives: monopolistic practices, and non-monopolistic practices.
The merging and monopolistic practices had a better outcome than the alternative. This formula shows accuracy because the measure is close to the actual results desired. This formula is also precise because it shows how the measures are the same when minor variables are changed. This helps to show which alternative is more important in this situation. I think that accurate data is more reliable in this situation because it helps to show that the formula produces a result that is greater when there is a monopoly which is showing accuracy in the data results.
Citation http://www. entrepreneur. com/tradejournals/article/73891261_5. html The statistical data has shown the following facts: combining/merging with another company, or venture out on their own. The first option is good because it shows that you can achieve the desired result by combining, and profits actually increase as a result shown by the statistical data obtained from the investment formula. The second option does not yield results and is the opposite of the first scenario.
When looking at Microsoft, and their goal of maintaining themselves as the highest and largest computer company in the world while avoiding monopolistic practices, they should choose a combination of both methods. The only way to avoid a monopoly in this option is to provide their competitors with greater leverage and more options when it comes to decision making in their organization. Statistical data in businesses have been proven to be helpful because it helps the organization reach decisions in their company. Concepts to include in the decision making process include probability and application.
This can be optimized by using good research method techniques. The two options available to Microsoft include: combining with another company, and venturing out on their own. The statistical formula used showed that tying strengthens ones investment. The measure has proven to be shown as accurate and reliable because it showed that there is a monopoly, although the monopoly is beneficial to those involved with the organization. The data showed that merging is the best option, and avoiding a monopoly can be done by providing their competitors with more leverage in business decision making skills.