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October 8, 2022

Probability Distribution and Statistics

Managerial Applications of Business Analytics

Probability Distribution and Statistics

There are many important topics to discuss this week. Review Sections 3.1 to 3.10 and respond to the questions below.

1. What is the purpose of using a Venn diagram?

2. Why is Bayes’ Theorem important to understand? How is it used in business analytics?

3. Define normal distribution, and explain why it is important to a CEO?

4. This week, we have examples of R and how it can chart distributions. Why are charts important in the business environment?

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