Answer Happy

1. Discuss the use of probability in the business world. Use at least one practical example. (5) 2. 2.1 Provide a practical example of the application of the Binomial probability distribution in business processes. 2.2 Provide a practical example of the application of the Poisson probability distribution in business processes. (4) 2.3 Discuss the difference between the Binomial and the Poisson probability distributions. (2) 3. 3.1 Provide a practical example of the application of the normal probability distribution in business processes. (3) 3.2 Suppose the random variable Y has a normal distribution with expected value equal to 12 and variance equal to 16. (2) What is the value of k such that P(X<k) = 0.25