Binomial and Normal distributions used in business forecastingMade By:Abhay SinghRoll No.—50202BBS I ABusiness Statistics and ApplicationsTerm Paper

statistics term paper Figure 1 1 What are theoretical distributions? 3 Binomial Distribution 3 Cumulative Distribution Function 4 Why is it important? 4 (p + q)2 = p2 + 2pq +q2, or more simply, pp + 2pq + qq 4 Quick facts 4 Uses in Business 5 1. Quality Control 5 2. Public Opinion Survey 6 3. Medical Research 6 4. Insurance Sector 7 Normal Distribution 8 Uses 10 1. Modern Portfolio Theory 10 2. Human resource Management 11 Forecasting 11 1. Using the Normal Distribution to Determine the Lower 10% Limit of Delivery Times 13 2. Finding the probability of a certain type of package passing down a conveyor belt if the probability of that type of package passing by is known. 14…