Statistics for Decision Making

1) Write a few sentences describing a business related population with characteristics that you assume is near normally distributed. State a metric (height, scores, etc.) that can be used to measure the characteristic. Explain in detail why you’ve concluded that the situation meets the criteria for a near normal distribution. 2) Write a few sentences describing a business related population with characteristics that you assume follows a binomial distribution. Be sure to address all criteria for the distribution. State a metric that can be used to measure the characteristic. Explain in detail why you’ve concluded that the situation meets the 4 criteria for a binomial distribution. Speak to each of the 4 criteria. 3) Write a few sentences describing a business related population with characteristics that you assume follows a Poisson distribution. Be sure to address all criteria for the distribution. State a metric that can be used to measure the characteristic. Explain in detail why you’ve concluded that the situation meets the criteria for a near Poisson distribution. 4) Make sure you have the Data Analysis Toolpack add in installed.  Use the Random Number Generator (Data Analysis Menu) in Excel to generate a normally distributed dataset of 100 sample points . DO NOT submit your excel file. Chose your own mu and sigma and report your choice.  Generate a histogram of this data using Excel. 5) Use Excel to generate a 100 point dataset which fits the  binomial distribution. Choose n=5  and choose your own p (see spreadsheet notes). DO NOT submit your excel file.  Report your choice for p. Generate a histogram of this data using Excel.

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