Assignment Instructions/ Description
1. Compare and contrast the binomial distribution and the Poisson distribution. How are the similar and how do they differ?
2. Why is binomial distribution important?
3. What is the importance of poisson distribution?
4. This question utilizes some of the concepts that were covered last week. I want to give you a bit more practice with operational definitions as they are important in the research process. What are some examples of operational definitions in research design within your profession? (I have a management position at a health company).
5. What is the normal distribution (aka standard normal distribution) and it's role in statistics?
6. Why is it important to have a normal distribution?
7. As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.
8. When would you use Chebyshev's theorem and the empirical rule in business? How are they calculated? Provide one real-life example that requires Chebyshev's theorem and one that requires the empirical rule.
9. Discuss the differences between a discrete probability distribution and a continuous probability distribution? Give a real-world example from your own experience of each. (If you have no experience with this type of thing, then try to imagine the distributions and propose examples for each).
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