PLAGIAISM FREE - QUANTITATIVE ANALYSIS FOR BUSINESS - DUE TOMORROW MORNING AT 5AM

1. Please give an example of how statistical methods are used in your workplace.  How are decisions made using data in this example? 

2. It is stated that "The average income of a member of the Yale Class of '83 is $274,111".  This comes from a survey in which Yale grads were asked at a 20 year reunion to list their income.  This statistic is being used to show that a Yale education will lead to riches.  Find at least one criticism of this statement.

3. Take a look at article (link below) concerning the oil spill that was damaging the gulf coast and asks:  Is it really worth it to set up provisions against something highly improbable?  This is related to some of the topics of probability we will be covering in here. 

http://www.slate.com/id/2251130/">http://www.slate.com/id/2251130/

Answer question below:

3a. Do we really need to take steps to ensure that things highly unlikely to occur are prevented? 

3b. What do you think?