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

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.