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Resource: University of Phoenix Material: A Decision of Uncertainty Research statistical data in a business context that requires a decision. Use probability concepts to formulate a decision. Write a 700- to 1,050-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.