Where one can see how probability values can be used in managerial decision-maki

Question

Where one can see how probability values can be used in managerial decision-making to establish a product guarantee, post a comment where you think probability could be used to help solve other management-type questions/problems. Think of something at work, past or present, where you could apply the techniques in the example to assist in making the best decision. If you can’t draw on a life experience, then think of a product/issue where this process could be applied. Please explain your answer.

Explanation / Answer

Solution:

Application of probability in sales

This can be contacted by developing an interactive scoring tool for the customers to enter on their opinions about a certain product in the market. Each questionnaire should predict the likelihood that the customer will buy a certain product in the market. Preliminary survey on current customers of other related products is also conducted. If the correlation predicts the likelihood of purchasing the product is very strong, it allows the sales to succeed.

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