5 Business Statistic Questions

1. Explain the difference between a normal distribution and a binomial distribution. How do we know which one to use? 

2. The distribution of sample means has the same mean as the underlying population, but the standard deviation differs.  Use a real world scenario to explain why it makes sense the variation decreases as the sample size increases.

3. Nothing is for certain. What are acceptable confidence levels for things like your car starting or your paycheck showing up on time? How about the pharmacist giving you the correct medicine? Note: Your initial post has to be 100+ words and you are to make 2 response posts to your classmates.

4. How do we know when to reject Ho or accept Ho. Can you give a real life example of how this concept is applied? 

5.Foot size correlates positively with math skills. This is because younger children have tiny feet and do not know math. Correlation does not mean causation. Sometimes we make that error. What things may correlate, but not be causal?

 

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