Cigarette prices:
$9.07 / $9.52 / $8.90 / $9.10 / $8.99 / $9.09 / $9.06 / $9.00 / $9.05 / $9.16
Post a 150- to 225-word (2- to 3-paragraph) explanation of how probability distributions affect management decisions. In your explanation, address the following:
Provide your results of the following:
Your calculations for your standard deviation
The range within which 90% of the prices of cigarettes in your area falls
The chances of anyone paying less than 4 dollars for a pack of cigarettes
The chances of anyone paying more than 10 dollars for a pack of cigarettes
Describe what implications this concept has for management decision making.
Explain how you might use information like this in your current work.
To support your response, be sure to reference at least one properly cited scholarly source.