Pioneer Aircraft Co. Sales Business & Marketing Essay

Pioneer Aircraft Co.
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From the information provided to us, it is clear that the sales office of Pioneer is closed the other two weeks of the year. Now, we are going to determine the probability of every plane sold at 0, 1, 2, and 3 for 50 weeks (Render, et al. 2015). First of all, we would find out the probability of the number 0 plane sold in a week. There are 40 times in one year, and the probability to sell 0 planes in a week will be equal to 40 weeks. This will then be divided by 50, and the answer is 0.8. Next, we are to find out the probability of the number 1 plane sold in a week. There are a total of 8 times in one year, and the probability will be determined by dividing 8 weeks by 50 weeks. The answer will be at 0.16. For the number 2 planes sold in a week, there is 1 time in a year. Its probability will be determined by dividing 1 week by 50 weeks. The answer is 0.02. For the number 3 planes sold in a week, the time will again be 1 in a year. Its probability will be determined by dividing 1 week by 50 weeks. It is equal to 0.02. Thus, we can say that the probability for 0, 1, 2 and 3 is 0.8, 0.16, 0.02 and 0.02 respectively.
The best and most appropriate approach we can utilize to determine probability is the Relative Frequency Approach. It is the ratio of the total number of results or outcomes and the occurrence of one singular event (Teixeira, et al. 2018). This approach is widely trusted and used to collect data. We have observed that the relative frequency of one event and different models of long-term behavior play a significant role in the way we determine probability. We used observations as the core approach and developed an understanding of the short-term and long-term unpredictability of the phenomena. There are three different approaches that can be used to determine probabilities of certain events: relative frequency approach, classical approach and subjective approach. According to the classical approach, probability can be expressed as a ratio of the number of total possible results and the total number of favorable results in a series of successive trials. On the other hand, the subjective approach to probability is used to derive personal judgments or experiences about whether or not the specific outcomes will occur. This does not contain formal calculations, as it can only reflect the opinions of the subject and their...