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Area under Standard Normal Curve, Business Mathematics and Statistics Video Lecture | Business Mathematics and Statistics - B Com

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FAQs on Area under Standard Normal Curve, Business Mathematics and Statistics Video Lecture - Business Mathematics and Statistics - B Com

1. What is the area under the Standard Normal Curve?
Ans. The area under the Standard Normal Curve represents the probability of a random variable being less than or equal to a certain value. It is often used in statistics to determine the likelihood of certain events occurring.
2. How is the area under the Standard Normal Curve calculated?
Ans. The area under the Standard Normal Curve can be calculated using the Z-table or statistical software. The Z-table provides the cumulative probability for different Z-scores, which can then be used to find the corresponding area under the curve.
3. Why is the area under the Standard Normal Curve important in business mathematics and statistics?
Ans. The area under the Standard Normal Curve is important in business mathematics and statistics because it allows us to determine the probability of events occurring in a normal distribution. This information is useful for decision-making, risk assessment, and understanding the behavior of variables in various business scenarios.
4. Can the area under the Standard Normal Curve be negative?
Ans. No, the area under the Standard Normal Curve cannot be negative. The area represents probabilities, and probabilities cannot be negative. The area under the curve is always positive and ranges from 0 to 1.
5. How can the area under the Standard Normal Curve be used in practice?
Ans. The area under the Standard Normal Curve can be used in practice to determine the likelihood of certain events or outcomes. For example, it can be used to determine the probability of a certain number of sales occurring, the probability of a stock price reaching a certain level, or the probability of a customer satisfaction rating falling within a certain range. This information can help businesses make informed decisions and manage risks.
115 videos|142 docs
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