SCENARIO 5-2 a Certain Type of New Business Succeeds 60% of the of the Time.Suppose

question 166

Short Answer

SCENARIO 5-2
A certain type of new business succeeds 60% of the time.Suppose that 3 such businesses open (where they do not compete,so it is reasonable to believe that their relative successes would be independent).
-Referring to Scenario 5-2,the probability that at least 1 business succeeds is_____ .

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Definitions:

Strategic Plan

A long-term roadmap designed by an organization to guide its direction, set goals, and outline approaches to achieve those goals.

Succession Planning

A strategy for identifying and developing future leaders within an organization to fill key positions.

Managerial Positions

Roles within an organization that involve managing employees and resources to achieve the organization's objectives.

Cause-And-Effect Models

Analytical frameworks used to identify and understand the relationships between causes and their outcomes or effects.