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- What are the characteristics of standard normal distribution? The HR department of an organization collects data on employees’ age, salary, level of education, gender, and ethnicity. Which data do you think is more likely to follow normal distribution? Explain why
What is the role of probability concepts in business decision-making? Provide specific examples
Probability is a concept that is very important and highly used when making business decisions. I would say that the main goal of most companies is to turn a profit, therefore every time a business decision needs to be made, the management team must consider and analyze all their options and calculate the probability to be able to determine which business decision is more precise.
- What are the characteristics of standard normal distribution? The HR department of an organization collects data on employees’ age, salary, level of education, gender, and ethnicity. Which data do you think is more likely to follow normal distribution? Explain why
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