PROBABILITY CONCEPTS AND APPLICATIONS 502

Answer the following questions:
1.     Describe the rationale for utilizing probability concepts. Is there more than one type of probability? If so, describe the different types of probability.

2.     Briefly discuss probability distributions. What is a normal distribution? Please provide a written example of how 'understanding distribution' can be an asset for any business project.

Your paper should reflect scholarly writing and current APA standards. Please include citations to support your ideas.