Probability and Distributions in Qualitative Analysis

Probability and Distributions Quantitative analysis can be a very complex undertaking, but a little understanding can go a long way. Before any statistical analysis or in-depth investigation of quantitative data is attempted, one should at least build an understanding of some of the basic elements of probability. The following paragraphs provide a definition and explanation of the two basic laws of probability and an examination of two types of probability distributions, and while this will not allow for truly meaningful quantitative analysis to take place it will provide a foundational understanding that anyone can utilize to begin investigating probability and statistics. The two basic laws of probability are, as their basic nature implies, relatively simple to understand, despite the fact that they might not seem simple or easily approachable when concisely stated. The first rule is that the probability of any event must be between zero and one, inclusive, and the second (and very highly related) rule is that the sum of the probability of all events must equal one. Though this might seem foreign to one not used to dealing with numbers, it is actually quite simple, and it is from these two basic laws that simple probabilities (and thence more complex probabilities) can be established. Take the flip of a coin as an example: there are two possible outcomes, each of which must have a probability between zero and one and the sum of which must be equal to one. If there isShow MoreRelatedRisk Control Techniques, Limitations And Challenges1052 Words   |  5 Pageswith uncertainties, which always indicate a potential loss. Therefore, risk analysis and management have played an increasingly important role in business decisions. As the demands arise, risk analysis techniques are gradually improving and perfecting. Various tools are also developed to support data analysis and provide decision-making suggestions. This blog is aimed to introduce the cutting edge techniq ues of risk analysis, as well as reveal its limitations and challenges. Read MoreAnalysis1340 Words   |  6 PagesAssignment Week 1 Answer the following questions: 1. Describe the rationale for utilizing probability concepts.    For practical reasons, variables are observed to collect data. The sampled data is then analyzed to elicit information for decision making in business and indeed in all human endeavors. However, sampled information is incomplete and not free from sampling error. Its use in decision-making processes introduces an element of chance. Therefore, it is important for a decision-makerRead MoreRisks Management : Risk Management1144 Words   |  5 Pagesand risk thresholds. Project Risk Management is the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. (PMI, 2013, p. 555). The PMBOK Guide lists six processes of Project Risk Management as â€Å"Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, and Control Risks† (PMI, 2013, p. 309). Risk management planning has been identified as an importantRead MoreProbability and Distr ibutions1165 Words   |  5 PagesProbability and Distributions Abstract This paper will discuss the trends and data values and how they relate to statistical terms. Also will describe the probability of different actions to the same group of data. The data will be broke down accordingly to qualitative and quantitative data, and will be grouped and manipulated to show how the data in each group can prove to be useful in the workplace. Memo To: Head of American Intellectual Union From: Abby Price Date: 3/05/2014 Read MoreBusiness Decision Making Project, Part 21065 Words   |  5 PagesBusiness Decision Making Project, Part 2 The business problem at UnitedHealth Group is the high turnover of employees because of lack of recognition and management of manpower. In part one, it was determined that I use qualitative data. This methods chosen allows us to group the data into the necessary categories. I determined that the research variable is recognition and this would solve the issue of the high turnover rate. Identify the types of descriptive statistics that might be best for summarizingRead MoreThe P Value As A Measure Of The Evidence Against The Null Hypothesis1279 Words   |  6 PagesThe p-value is a measure of the strength of the evidence against the null hypothesis. The p-value is the probability of getting the observed value of the test statistic, or a value with the even greater evidence against Ho, if the null hypothesis is actually true. The smaller the p-value, the greater the evidence against the null hypothesis. If we have a given significance level, then we reject. If we do not have a given significance level, then it is not as cut-and-dried. If the P-value is lessRead MoreResearch Aim And Objectives Of Risk Management Essay2170 Words   |  9 Pagesand Strategies of risk management: 9 9 Risk identification: 10 Qualitative risk analysis: 11 Risk ranking: 11 Risk mitigation: 12 Risk monitoring and follow up: 12 Abstract: No construction project is free from risk; the purpose of project risk management is to obtain better project outcomes, in terms of schedule, cost and operations performance by reducing risks and capturing opportunities. Risk management is the process of analysis, identification and responding to the project risk. All this processRead MorePsy 201 Research Methods And Statistics738 Words   |  3 Pages Question 1. Research, no matter what field, is often conducted and analysed in accordance with two basic approaches: quantitative and qualitative. The quantitative approach aims to test a hypothesis and examine the relationship through generating numerical data or other information that is than converted into numbers, whereas the qualitative approach is more exploratory, aiming to gain a deeper understanding of the research subject. Through breaking down and examining the key featuresRead MoreDefine contract. Explain any four element of a contract1726 Words   |  7 Pages44 37 45 41 9 39 36 36 40 45 23 35 27 35 39 45 24 18 32 32 41 30 26 25 28 38 39 29 35 27 40 8 8 40 25 41 48 40 42 26 43 a. Form a frequency distribution having 9 class intervals b. Form a percentage distribution from the frequency distribution (from part a) c. Form a histogram, frequency polygon and frequency curve of the frequency distribution (from part a) Ques.3 Compute the mean, standard deviation and Coefficient of variation of the following data and comment on the result Size 12.5 13Read MoreEvaluation Of A New Product Development1021 Words   |  5 PagesManagement Techniques Each likely and unlikely event has its own probability of occurrence. Risk is a measure of probability of occurrence of an unlikely event. Early in design phase the amount of uncertainty is high for all events. Assuming those uncertainties in the beginning of the design phase will help mitigate risks or even avoid those risks throughout the development of the product [11]. Ways of analysing risks: 1. Quantitative Analysis: Find factors affecting the process. Assign costs to each