What are two probability distributions used in business and what is one practical application for each?
What will be an ideal response?
The normal probability distribution is used often in business and is one of the most important distributions in all of statistics. Businesses can use the normal probability distribution to estimate the likelihood of exceeding a particular sales goal. The binomial probability distribution is also used often in business. A company can use the binomial distribution to calculate the likelihood that 30 marketing phone calls will result in a specific number of successful sales.
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