Problem-

Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision. Write a 700 to 1,000 word paper, explaining your research methods and process for limiting the uncertainty in the decision. Address the following in your paper:

• Include how you applied concepts to formulate your decision.
• Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.
• Identify each outcome from your statistical analysis, providing rationale for each.
• Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.
• Include the decision you made based on statistical data. Format your paper consistent with APA guidelines.

Additional information-

This problem related to Basic Statistics and it discuss about researching statistical data in business context that requires taking decision by using probability concepts to formulate a decision.