Assignment:
What are some of the benefits of being able to find the expected value of a probability distribution? Give an example of how this could be used your advantage in a business setting.
What can variance and standard deviation tell you about a set of data? How do you know what is an acceptable level of variance for your data? Give an example of a real world situation where you can apply your knowledge of variance and standard deviation.
Why is a normal distribution curve a good way to display data? What are the two main properties that describe the curve and what can you tell by just those two numbers. Give an example of a real world situation where you could use a normal curve to make a decision.
Provide complete and step by step solution for the question and show calculations and use formulas.