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Using New Information & Revised Probability Values to Make Business Decisions

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question 1 of 3

Jerome switched to new billing software after he calculated that there was a 70% chance that it would result in more revenue for his company. Jerome's calculations are an example of:

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1. Jerome switched to new billing software after he calculated that there was a 70% chance that it would result in 20% more revenue for his company. However, after the first four months, the new software only resulted in 10% more revenue for his company. If Jerome calculates a new probability that combines his original calculations with the new data, he will have a(n):

2. Jerome switched to new billing software after he calculated that there was a 70% chance that it would result in 20% more revenue for his company. However, after the first four months, the new software only resulted in 10% more revenue for his company. If Jerome throws out the old probability and calculates probability based only on the data from the first four months of using the software, will he have a revised probability?

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About This Quiz & Worksheet

Inside the world of decision making, this quiz and worksheet helps you focus your studies on revised probability values and new information. You are asked about types of calculations and calculating probability.

Quiz & Worksheet Goals

You can expect to see the following topics in this combination quiz and worksheet:

  • Chances of increased revenue
  • Calculating a new probability
  • Revised vs. original probability
  • What constitutes good information to use when calculating probability

Skills Practiced

  • Compare and contrast - compare the differences between revised and original probability
  • Information recall - remember what you have learned about using old data
  • Knowledge application - use your knowledge to answer questions about calculating probability

Additional Learning

To learn more, visit the lesson titled Using New Information & Revised Probability Values to Make Business Decisions. Inside, you will find the following topics:

  • A sample scenario involving a pet store owner making business decisions
  • Choosing relevant information
  • Mathematical chances
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