Probability Theories

Apply elementary descriptive statistics, probability theories and quantitative methods in business in business decision making under risk and uncertainty.For the applied assignment, please submit a 5 – 6 slide PPT (NOT including title page and references page) that includes the following parts:PART 1: Create a context: Introduce a real-world business situation or an imagined business scenario that may benefit from the theories and methods presented in the prior two weeks (Weeks 3 and 4 – see the objective stated in bold above). While creating the context, ask yourself: What business use cases may benefit from the quantitative methods offered last week and this week? Pick one. You can use Google or other search tools, or your own workplace experience, to create the context. Once you decide on the context, describe it clearly in your PPT presentation. Be sure to deliver all relevant information for the audience (in this case your instructor) to help him/her understand the context fully.Part 2: Show with examples how the quantitative methodology introduced in the prior two weeks relate to the business use case you introduced. (e.g., does the math/methodology help to resolve a business problem?) Be specific in your description of how you can use the quantitative information in connection with the business case (your context) you described. Give examples. Use technical terminology when necessary.Part 3: Reflect on your learning by answering these questions: What changes have you observed in your own learning or knowledge of math/quantitative methods as a result of the topics introduced in Weeks 3 and 4 of this course? What did you find most valuable or useful for your MBA education and/or your current/future career. (As you articulate your thoughts for Part 3, be original: Do not repeat the business context or situation you described in Parts 1 and 2. Think beyond that context).