The Probability of Plane Sold Business & Marketing Coursework (Coursework Sample)
the task was to uses the Pioneer Aircraft example (data) to calculate probability and explain the choice of probability approach. One had to answer the following questions;
1. Determine the probability of each number of planes sold—of 0, 1, 2, and 3— in a 50-week period. (Pioneer sales office is closed the other two weeks of the year.)
2. Decide what approach is best used to determine probability. Distinguish between the approaches to make it clear that the approach used was the best fit for these airplane sales.
3. Determine if the approach would change if we also needed to track sales of some planes with GPS installed
Using this data
PLANES SOLD WEEKS THIS NUMBER SOLD
0 40
1 8
2 1
3 1
Probability of Plane Sold
Students Name
Institution affiliation
Date
Probability of Plane Sold
In all activities involving risks, it is important to quantify such risk by calculating their probability. The calculation of probability in business is an important undertaking that shows the likelihood of a process occurring or not occurring. The range of probability is between 0 and 1, meaning no occurrence and perfect occurrence respectively. Calculating a probability uses different approaches and the choice of an approach depends on the situation and available data. This paper uses the Pioneer Aircraft example to calculate probability and explain the choice of probability approach. Using the data below, this essay addressed the following questions;
PLANES SOLD WEEKS THIS NUMBER SOLD 0 40 1 8 2 1 3 1
1 Determine the probability of each number of planes sold—of 0, 1, 2, and 3— in a 50-week period. (Pioneer sales office is closed the other two weeks of the year.)
2 Decide what approach is best used to determine probability. Distinguish between the approaches to make it clear that the approach used was the best fit for these airplane sales.
3 Determine if the approach would change if we also needed to track sales of some planes with GPS installed
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