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Making Business Decisions Using Probability Information & Economic Measures

Instructions:

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question 1 of 3

Multiplying the outcome of a decision by its probability produces the _____ of the outcome.

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1. _____ probabilities are based on actual statistics and data.

2. _____ probabilities are based on rough estimates.

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About This Quiz & Worksheet

The role of probability information and economic measures in decision making is reviewed by this quiz and worksheet. You should be aware of how these factors may relate to businesses.

Quiz & Worksheet Goals

Find out if you can correctly answer questions about:

  • Types of probability
  • Dependent events
  • Subjective data

Skills Practiced

Taking this quiz is an excellent way for you to practice these skills:

  • Reading comprehension- ensure that you draw the most important information from the related lesson on making business decisions
  • Distinguishing differences - compare and contrast topics from the lesson, such as mutually exclusive and collectively exhaustive
  • Information recall - access the knowledge you've gained regarding the effects of good business decisions on a manager

Additional Learning

When you decide to learn more about this subject, you can study the lesson entitled Making Business Decisions Using Probability Information & Economic Measures. The lesson is designed to teach you about these topics:

  • Three key concepts involved in making business decisions
  • Why it's important to not rely on guesses to make decisions
  • Independent events
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