al distribution: Applications in business statistics
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
al distribution: Applications in business statistics
There are several common techniques used in data mining, each of which has its own strengths and weaknesses. By understanding the basics of data mining and the techniques used in this process, businesses can gain a deeper understanding of their data and use it
Norm Normal distribution, also known as the Gaussian distribution, is one of the most commonly used distributions in statistics. It is used to describe many natural phenomena and is particularly useful in the field of business statistics. In this blog, we will explore the basics of normal distribution, its properties, and its applications in business statistics.
What is Normal Distribution?
Normal distribution is a continuous probability distribution that is characterized by its bell-shaped curve. It is symmetrical, meaning that the mean, median, and mode are all equal and located at the center of the curve. The curve is also defined by two parameters, the mean and the standard deviation, which determine the location and shape of the curve.
Properties of Normal Distribution
Normal distribution has several properties that make it particularly useful in business statistics. Some of the key properties include:
- Central Limit Theorem: The central limit theorem states that the sample mean of a large number of independent random variables will be normally distributed, regardless of the distribution of the individual variables. This property makes normal distribution particularly useful in the analysis of large datasets.
- Standard Deviation: The standard deviation is a measure of the spread of the data. For normal distribution, the standard deviation can be used to determine the percentage of data within a certain range of the mean. For example, approximately 68% of the data will fall within one standard deviation of the mean, 95% will fall within two standard deviations, and 99.7% will fall within three standard deviations.
- Skewness and Kurtosis: Normal distribution is symmetrical, meaning that the skewness and kurtosis are both equal to zero. This property makes it easy to compare different datasets and determine if they are normal or not.
Applications of Normal Distribution in Business Statistics
Normal distribution has a wide range of applications in business statistics. Some of the key applications include:
- Quality Control: Normal distribution is often used in quality control to determine if a product meets certain standards. For example, if the weight of a product is normally distributed, a company can use statistical process control to ensure that the weights of the products fall within a certain range.
- Forecasting: Normal distribution is often used in forecasting to estimate the probability of certain outcomes. For example, a company may use normal distribution to estimate the probability of a certain level of sales or revenue in the future.
- Risk Management: Normal distribution is often used in risk management to estimate the probability of different outcomes. For example, a company may use normal distribution to estimate the probability of a stock price falling within a certain range.
- Market Research: Normal distribution is often used in market research to analyze survey data. For example, if a survey is conducted with a large sample size, the data can be assumed to be normally distributed. This allows the researcher to estimate the percentage of the population that falls into certain categories.
- Financial Analysis: Normal distribution is often used in financial analysis to analyze returns on investments. For example, if the returns are normally distributed, a company can use statistical analysis to estimate the expected return and risk of an investment.
Conclusion
Normal distribution is an important concept in business statistics. It is a continuous probability distribution that is symmetrical and characterized by its bell-shaped curve. Normal distribution has several properties that make it particularly useful in business statistics, including the central limit theorem, standard deviation, skewness, and kurtosis. Normal distribution has a wide range of applications in business statistics, including quality control, forecasting, risk management, market research, and financial analysis. By understanding the basics of normal distribution and its applications, businesses can gain valuable insights from their data and make more informed decisions.
al distribution: Applications in business statistics
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!