HI6007 Statistics for Business Decisions - Tutorial Questions

Question 1 (7 marks)

a. With your own words, using relevant examples briefly define types of probability assigning methods (3 marks)
b. Transport trade association conducted a survey of their members to determine what they felt were the important issues to be discussed with the management. The survey results showed that 74% felt that the job security was the important issue, while 65% felt that salary increment was an important issue. Of those who felt salary increment was an important issue, 60% also felt that job security was an important issue.

i. What percentage of the members felt that both job security and salary increment were important? (2 marks)
ii. What percentage of the members felt that at least one of these two issues was important? (2 marks)