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QNT 561 Week 1 Discussion Questions

This work of QNT 561 Week 1 Discussion Questions shows the solutions to the following problems:

DQ 1: Why is using Bayes’ theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not? What are some prerequisites for using Bayesian statistics?

DQ 2: As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.

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