Probability Distributions

Assignment Steps

· Show research on the matter that is properly cited and referenced according to APA with references

· Your posts that you want to count toward your substantive participation grade should be at least 100-150 words of each one of the following subjects:

1. Probability      distribution. 
2. Random      variables and its types: discrete vs. Continuous. 
3. Create      probability distributions and apply the concepts of mean and standard      deviation of probability distributions to managerial decisions and      evaluate the results. 
4. Create      and analyze binomial and Poisson discrete probability distributions 
5. Evaluate      how one can make managerial decisions using probability distributions. 
6. Analyze      normal distributions and evaluate how they are used for making managerial      decisions. 

7. The Week Two assignment requires you to evaluate, analyze, and apply descriptive statistics techniques to real-world datasets. Chapter 5 discusses the mean of a discrete distribution (Black, 2017). How can the mean of a probability distribution impact your decision-making process at work? Please provide a specific example. Please refer to Chapter 5 to assist you in responding to the scenario. Reference: Black, K. (2017). Business statistics: For contemporary decision making (9th ed.). Hoboken, NJ: Wiley & Sons, Inc.

8. One of the objectives for Week Two is to analyze normal distributions and evaluate how they are used for making managerial decisions. According to Black (2017), many variables in business and industry are normally distributed. Some examples of variables that could produce normally distributed measurements include: The annual cost of household insurance, The cost per square foot of renting warehouse space, and A managers' satisfaction with support from ownership on a five-point scale.

In addition, most items produced or filled by machines are normally distributed (p. 172).

Provide an example of a variable that could produce normally distributed measurements in your professional or personal life, i.e. the annual cost of household food or the cost of production per employee. How can the normal distribution impact your decision making?

Refer to Chapter 6 to assist you in responding to this scenario. Reference: Black, K. (2017). Business statistics: For contemporary decision making (9th ed.). Hoboken, NJ: Wiley & Sons, Inc.