Part 1.When our data aligns to the characteristics of normal distribution, it maintains specific properties that help us interpret results and make decisions. Respond to the following in a minimum of 175 words:Discuss a situation where you can collect data, and the data the Empirical Rule applies, meaning that the data representing this situation follows a normal distribution. You are encouraged to conduct research using the internet to discover a situation that fits this criteria.Citing your source, discuss what specifically leads you to believe this situation follows the Empirical Rule. What statistical analysis benefits exist because the situation has data that is distributed normally?Part 2.Respond to the following classmate in a minimum of 100 words:The empirical rule is used often in statistics for forecasting final outcomes. After calculating the standard deviation and before collecting exact data, this rule can be used as a rough estimate of the outcome of the impending data to be collected and analyzed. This probability distribution can thus be used as an interim heuristic since gathering the appropriate data may be time-consuming or even impossible in some cases. Such considerations come into play when a firm is reviewing its quality control measures or evaluating its risk exposure. For instance, the popularly used risk tool known as value at risk (VaR) assumes that the probability of risk events follow a normal distribution. The empirical rule is also used as a rough way to test a distribution’s “normality”. If too many data points fall outside the three standard deviation boundaries, this suggests that the distribution is not normal and may instead by skewed or follow some other distribution. The empirical rules is also known as the three-sigma rule, as “three-sigma” refers to a statistical distribution of data within three standard deviations from the mean on a normal distribution. “– Josef S.Part 3.Reply to the following classmate in a minimum of 100 words:“The Empirical rule says that the vast majority of our data is going to be within a plus or minus of standard deviations. Normal distribution will cluster around the average (mean) and then thin out the sides within the three standard deviations creating a bell-shaped curve. Anatomy empirical rule applies to a specific type of distribution called a bell shaped distribution.The empirical rule states in order to achieve a bell shape distribution of 68.26% the observations must lie within one standard deviation of the mean.And 99.44% of the observations must lie within two standard deviations of the mean.Also 99.74% of the observations must lie within the standard deviations of the mean. Consider 3 kids playing basketball and one is a good player , the other is an okay player and the third has never played basketball at all. More than likely the good player will make more shots into the net (score) and the baskets he misses will be close to the Target. Meanwhile the okay player may make only a few baskets with the missed shots landing further away from the basket. On the other hand, the inexperienced player shots (BRICKS) will more than likely be all over the place. Data always tends to cluster around the mean (average) like the good player shots cluster around the basketball rim showing a normal distribution and creating a bell-shaped curve. While the inexperienced player shots land everywhere and are an example of a random distribution that won’t create a curve at all. Anatomy empirical rule only deals with data normally distributed like the good player shots.While researching normal distribution and the Empirical rule I was able to read a great news article that explains how Scientists and different states are phasing in the Empirical method for Covid 19 Lottery vaccinations.https://www.bloombergquint.com/opinion/covid-19-vaccine-lottery-is-a-winning-strategy “ – Jericho R.
Part 1. When our data aligns to the characteristics of normal distribution, it maintains specific properties that help us interpret results and make decisions. Respond to the following in a minimum o
by essaylimo | Apr 17, 2021 | Uncategorized