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Earn +20 ptsQ: What does a probability distribution with high variance indicates?
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What does a higher z-score tell you about a specific data entry?
A high z-score indicates an observation that is further away from the mean. This indicates that either the observation is less probable or that assumptions about the distribution are wrong.
A sentence with the word probability?
"There is a high probability of rain this evening."
How is this relevant to marketing Assume the frequency that a household purchases milk per year is a normal distribution with a mean of 12. Over time the mean stays the same but the variance decreases?
It should make marketing easier because the amount purchased has a smaller variance. This means that the numbers are closer to 12 and so there is less of a need to carry large stocks for when the demand is high.
What is a good sentence for probability?
There is a high probability that this sentence will not qualify as a good sentence.
What is the probability of the mean being greater than 78?
A very high probability if your numbers are greater than 78.
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