Assignment: Probability Concepts and Applications
Answer the following questions:
1. Describe the rationale for utilizing probability concepts. Is there more than one type of probability? If so, describe the different types of probability.
2. Briefly discuss probability distributions. What is a normal distribution? Provide a written example of how 'understanding distribution' can be an asset for any business project.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.