Business Statistics Are Vital to Term Paper

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This distribution can be applied to multiple business situations even where data is distributed differently, because a normal distribution adopts the central limit theorem which suggests that no matter how a population is distributed, the distribution "of the means of random samples approaches a normal distribution for a large sample size" (ICMBA, 2002).

Business executives can use normal business distribution to create diversified asset portfolios, to calculate process variations within operations and even in human resources management to evaluate employee performance that is often considered normally distributed (ICMBA, 2002).

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Businesses benefits because normal distribution allows description of variables that would otherwise be considered random, and also allows a rough estimate of the actual distribution (ICMBA, 2002). Errors that usually arise using a bell curve are also often negligible and hence considered acceptable (ICMBA, 2002) thus executives can use normal distribution to solve problems with a high degree of accuracy in most cases......

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