1.What is a frequency distribution? Go to http://www.gutenberg.org/browse/scores/top and pick one of the categories. What percentages, shown at the top of the page, were the top five in that category of the total? If you were to graph the top 100, what would the graph look like? What information does this tell us if we wanted hard copies of these books to put on a 5-foot shelf in a store? Which books would we choose? What happens if we sell them online instead?
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.
3. 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?
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