Probability Distribution

Abstract

The study reflects the probability distribution of a survey conducted in a company in order to find the job satisfaction, intrinsic job satisfaction, extrinsic job satisfaction and the satisfaction from befits. The survey is based on various factors like gender, age, department and tenure of employees with company. The study also reflects the use of probability and statistics in real world and business world. The probability and statistics are used in decision making and forecasting decisions especially in business world. In real world we can observe the use of probability in forecasting of weather, number of car accidents etc.

Abstractii

Introduction4

Discussion4

Overview of the Data Set4

Real World and the Use of Probability4

Distribution of Individuals by Gender6

Time Period with Company by Gender6

Number of Individuals in Each department6

Conclusion8

Probability Distribution

Introduction

The study is made to analyze the probability distribution of a survey conducted to measure the job satisfaction of people by considering various factors like gender, department, tenure in the company, and position of the employee. The survey also reflects the intrinsic and extrinsic job satisfaction of employee with the satisfaction from benefits. This study also puts light on the use of probability and statistics in business world and in real world. The first part of the discussion covers the description of data used in survey; the second part explains the uses of statistics and probability in real world. Further the discussion covers the probability distribution of survey and in last there is use of probability distribution in the business world.

Discussion

Overview of the Data Set

The data set comprises of variables that are used to measure the job satisfaction intrinsically and extrinsically. Intrinsic job satisfaction represents the satisfaction of employee from performance while extrinsic satisfaction means job satisfaction from external factors like relationship with colleagues, working environment etc. the variables include in data set are overall job satisfaction, intrinsic job satisfaction, extrinsic job satisfaction, gender, age, department, position, tenure with the company and satisfaction from benefits. In the data set age and tenure with the company are quantitative variables whereas other is qualitative variables.

Real World and the Use of Probability

The study made by (Luk Roger, 1998) revealed that the main concerns of business are market and people. The behaviors of these two factors represent the patterns and trends and thus they are not unpredictable. The role of Statistics in the business world is the predictability of these two concerns. The application of statistics is higher where the predictability is higher. In addition to this statistics is also useful for decision making as the decisions in business are more complex. The aim of decisions in business is to maximize profits or optimization of the outcome.

Thus, statistics help in decision making and also in marketing research for instance to launch a new product in the market it is necessary to know the consumer preferences or tastes, for this survey and statistical research is required in order to make good decisions. Some statistical tools also help in forecasting therefore the use of statistics is very important in forecasting like ...