RES 342 Week 2Week 2 DQ1

What is the role of probability in business research?

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Within today’s global market, many organizations find it imperative to implement the four functions of management into their strategic management function. One of the functions of management is planning, which determines the direction that a company is headed. The planning stage is where organizations implement goals and objectives that should be met to ensure success. Probability is essential within the planning stages of a firm because it gives an indication of an event occurring once implemented into the strategic structure.
The role that probability plays within business research also is another method of analyzing steps and management is able to control the business and forecast the direction it is headed. In business probability is used all the time. One of the main ways that probability is used in business is to analyze data to make decisions. Probability is also used when looking at previous success rates to decide is a certain business decision would be a good one. If a certain action or decision has proven to obtain desirable results on a

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