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Basic Analytical Tools Application in Business to Addressing Consumer Behaviors, Teambuilding, and Necessity

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Author(s): José Carlos-Arias

Journal: Business Intelligence Journal
ISSN 1918-2325

Volume: 4;
Issue: 1;
Start page: 117;
Date: 2011;
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Keywords: Analytical | Tools | Business | Statistics | Applied

ABSTRACT
This paper investigates three of the commonly-used analytical tools and concepts that are used to help effectuate decisions in a business environment. The types of analytical models that are investigated in this paper are probability theory and statistics, utility theory and game theory. Through investigating these tools in this three-tired framework, the reader has a greater comprehension of how analytical tools can be used to accomplish various reforms within a business or the business sector as a whole. Through addressing the quantitative methods of business, those in management and cost-reassessment programs can better understand the forces that are at work in their respective departments and within the business environment as a whole.
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