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Normal (or Gaussian) distributions are widely used in practice because many sets of observations follow a...

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Basic Math

Normal (or Gaussian) distributions are widely used in practicebecause many sets of observations follow a bell-shaped curve. Instatistics, the normal distribution is one of the main assumptionsin statistical inferences, such as confidence intervals andhypothesis tests.

After conducting some basic searches using scholarly articles,explain how normal distributions are used in business analytics.Your findings must include:

  1. The problem background
  2. Why a normal distribution is used
  3. How is a normal distribution used?
  4. What are the results?

Answer & Explanation Solved by verified expert
3.7 Ratings (315 Votes)
Problem Background Inventory forecasting is one of the areas wherebusinesses use normal distribution in order to accurately forecastthe demand for their products and services Accurate inventoryforecasting is critical in order to ensure inventory shortages donot occur when the    See Answer
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