Prior to beginning work on this discussion forum, read Chapter 5: Probability and Probability Distributions, and make sure to read and reflect on the áme at McDonaldÔ that begins Chapter 5, as it will quickly show you how the concept of probability is applied.

Now, strengthen your understanding of the following concepts and terms. Please define and explain how they are applied. In the first part of your initial post,

• Define probability and probability distribution.
  • Provide two industry or organization examples when probability is used.
  • Explain how probability is used to make business predictions.

A key aspect of solving real business problems is dealing appropriately with uncertainty. This involves recognizing explicitly that uncertainty exists and using quantitative methods to model uncertainty.

In the second part of your initial post,

• Review Section 5-1, and address the following:
  • Explain how to use a flow chart for modeling uncertainty.
  • Describe how flow charts work and how it is applied.
• Review Sections 5-2a, 5-2b, and 5-2c, and Example 5.1, ssessing Uncertainty at Bender Company,!nd answer the following questions:
  • What is the uncertainty in Example 5.1, and how can it be assessed?
  • How were probability rules applied?
  • What is a probability tree and how did the probability tree that is depicted in Figure 5.2 help them confront uncertainty?

  Reference: Albright, S. C., & Winston, W. L. (2020). Business analytics: Data analysis and decision making (7th ed.). Cengage Learning