STATISTICS……Post a comment where you think probability could be used to help solve other management-type questions/problems

Example is attached. Question is below. 

 

 

After reading the example above where one can see how probability values can be used in managerial decision-making to establish a product guarantee, post a comment where you think probability could be used to help solve other management-type questions/problems. Think of something at work, past or present, where you could apply the techniques in the example to assist in making the best decision. If you can’t draw on a life experience, then think of a product/issue where this process could be applied. Please explain your answer. Remember to cite your resources and use your own words in your explanation.