Statistics for Managers

Things vary in life – virtually nothing (except physical standards such as the speed of light) we interact with is constant over time. ;Much of this variation follows somewhat predictable patterns that can be examined using probability. ;An example of a subjective probability is: “Cops usually do not patrol this road, so I can get away with speeding.” ;An empirical probability example is: “Each production run has a 5% reject rate.” ;A classical (or theoretical) probability example is: “This die has six sides, so I should see the number 2 come up 1/6th of the time.”

What are some examples of probability outcomes in your work or life? ;How would looking at them in terms of probabilities help us understand what is going on? ;How does the normal curve relate to activities/things you are associated with?