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Course Description

When attempting to model a scenario, we want to find a balance between an accurate model, one that is easy to use, and one that is understandable to our audience. It turns out that many phenomena, both in the natural world and in the business world, can be modeled with what is known as a bell curve. In this lesson, we will use the idea of a normal distribution to make more effective predictions. In cases where this approach is not as accurate as we would like, we will also examine how to improve it through the application of corrective adjustments. For the best result, complete "Data Analysis and Probability: Create Effective Graphs," "Data Analysis and Probability: Calculate the Probability of an Outcome" and "Decision Analysis: Create a Decision Tree" prior to taking this lesson.

Benefits to the Learner

  • Use the normal distribution to determine the probabilities of particular outcomes
  • Identify cause-and-effect relationships in business settings
  • Apply appropriate corrections to the estimates generated by the normal approximation
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Type
self-paced (non-instructor led)
Dates
Mar 29, 2024 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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