Q. Read the below paragraph and write what is your opinion? Mention any example with minimum 1 reference.

Probability distribution: A probability distribution is a statistical function that describes all the possible values and likelihoods that a random variable can take within a given range. This range will be bounded between the minimum and maximum possible values, but precisely where the possible value is likely to be plotted on the probability distribution depends on a number of factors. 

Continuous Probability Distribution: Probability distributions are either continuous probability distributions or discrete probability distributions, depending on whether they define probabilities for continuous or discrete variables. A continuous distribution describes the probabilities of the possible values of a continuous random variable. A continuous random variable is a random variable with a set of possible values (known as the range) that is infinite and uncountable (Aleksandrov et al., 2007).

Q. Read the below paragraph and write what is your opinion? Mention any example with minimum 1 reference.

The sample size is affected by several factors:

• The margin of Error: no sample will be perfect, you need to decide how much error to allow. The confidence interval determines this. The less error you’re willing to accept, the bigger the sample size needs to be.

• Confidence Level. This determines the certainty. The more confident you want to be, the bigger the sample size needs to be.

• Population variability. The more heterogeneous your population, the bigger the required sample size. An initial estimate of this value is the standard deviation of one or more samples.

Q. Read the below paragraph and write what is your opinion? Mention any example with minimum 1 reference.

Business applications of probability distribution that an organization can use for number of decision-making processes in almost all kind of departments are scenario analysis, Sales forecasting, risk evaluation (Andreopoulos, Bersimis, Tragaki and Rovolis, 2019).

As I plan to set up a business in a few years probability distribution would be a helpful technique of analyzing and do decision making process for production lines, supply chain management, shipping and deliveries, etc.