Week 2 hw – Probability

Probability

1. What is continuous probability? Give example and relate it to business – 100 words

2. As is the case with discrete PDF’s, there are a number of continuous PDF’s such as the exponential and uniform distributions. But the most important by far is the normal distribution (or bell curve). What are the characteristics of the normal distribution that make it the foundation of the more important inferential statistical tools we will be learning about in the coming weeks? Why do these characteristics allow us to trust the results of using these tools? – 100 words

3. Relate probability distributions to business 100 words

4. I have noticed a number of people have mentioned random sampling. The various random sampling designs are important as a good random design minimizes bias and almost all of the time gives us a good picture of the population in the sample. We should always use random designs were possible. But there are also some non random designs which, while they should be avoided most of the time, there are situations were it is okay to use a non random design. When is it okay to use a non random sampling design? – 100 words