GBA334 midterm

. The normal distribution is the most important distribution in statistics. It is also used in many business processes. Provide examples of two business processes that can be described by the normal distribution. Demonstrate the use of the normal distribution by providing two practical examples showing how the normal distribution was used to solve a real world problem. Show your work in detail along with the results and decisions made.

2. There are several techniques used to solve decision - making problems. Describe the techniques used to solve problems under uncertainty. Which techniques results in an optimistic decision? Which techniques results in a pessimistic decision? Provide a detailed real world example of each.

3. A. Regression analysis is an extremely valuable quantitative tool. Briefly discuss the following using a real world example:

B. How the coefficient of determination and the correlation coefficient are related and how they are used in regression analysis.

C. How scatter diagrams can be used to identify the type of regression to use.

D. The methods used to determine if the regression model is a good model for the presented dependent and independent variable(s).

4. No forecasting method is perfect under all conditions. Briefly describe the steps used to develop a forecasting system. What is the difference between a casual model and a time-series model. What is a qualitative forecasting model, and when is it appropriate. Provide a real world example of each type of model.