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Using Probability Distributions to Solve Business Problems

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question 1 of 3

If we only have an average rate of occurrence, what probability distribution can be used?

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1. Sampling without replacing from the population is reflected in which probability distribution?

2. A basic concept of the binomial probability distribution is that it can be used for analyzing what specific kind of result?

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About This Quiz & Worksheet

Pull up these study tools to quiz your awareness of using a probability distribution to solve business problems. Answer questions on key subjects like a probability distribution that uses only the average rate of occurrence and a type of probability distribution related to removing samples from the population without replacing them.

Quiz & Worksheet Goals

The following will be addressed on the quiz/worksheet:

  • Result analyzed by binomial probability distribution
  • Business analysis that depends on probability distribution measurements
  • The advantage that analyzing probability distributions provides

Skills Practiced

  • Reading comprehension - make sure you know the most important information from the related lesson on using probability distribution, such as a distribution type that samples without replacing from the population
  • Information recall - access the knowledge you've gained regarding a probability distribution that only makes use of the average rate of occurrence
  • Knowledge application - use your knowledge to answer questions about a benefit to a business that uses probability distribution analysis and what kind of results can be analyzed with binomial probability distribution

Additional Learning

To learn more about using probability distribution, review the accompanying lesson called Using Probability Distributions Solve Business Problems. These areas will be covered in greater detail:

  • An example of binomial distribution
  • Individual samples that are not independent
  • Evaluation of rates of random events
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