Project #37065 - Business Stat Discussion Question

This is a MBA discussion question for Business Stat class APA format. 250 word count

 

People tend to formulate hypotheses from observed data almost continuously. Additionally, they also tend to reach conclusions without adequately or appropriately testing those hypotheses. "Jumping to a conclusion" seems to be inherent in humans as we just don't seem to like the slow process of collecting adequate data then using probability concepts to determine the level of confidence that we can place on our conclusion based on the data.

Please think of a situation to share where a slower process of collecting adequate data and analyzing with probability concepts could have led to more appropriate conclusions. Can you share the "cost" when we jump to conclusions?

Subject Business
Due By (Pacific Time) 08/05/2014 12:00 am
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