Choose a company that you have recently seen in the news because it is having some sort of problem or scandal, and complete the following:
- Discuss the situation, and describe how the company could use distributions and probability statistics to learn more about how the scandal could affect its business.
- If you were a business analyst for the company, what research would you want to do, and what kind of data would you want to collect to for a distribution?
- Would this be a standard, binomial, or Poisson distribution? Why?
- List and discuss at least 3 questions that you would want to create probabilities for (e.g.,What is the chance that the company loses 10% of its customers in the next year?).
- What would you hope to learn from calculating these probabilities?
- Assuming that upper management does not see the value in expending the time and money necessary to collect data to analyze, make an argument convincing them that the expenditure is necessary and explaining some dangers the company could face by not knowing what the data predict.