June 2014
Beginner to intermediate
288 pages
7h 2m
English
Content preview from Better Business Decisions from Data
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CHAPTER 18
Forecasting from Known Distributions
Why Does the Phone Never Stop Ringing?
The normal distribution has featured prominently in previous chapters because it is found to appropriately describe the data obtained in numerous situations. If there is good reason to believe in advance that the normal distribution will apply, then predictions can be made regarding future observations. Many other distributions are found to apply in certain circumstances, and, in a similar way, these can provide useful estimates of future outcomes. This chapter describes several of the commonly used distributions and gives examples of their use in forecasting.
Uniform Distribution
Forecasting from a uniform distribution is a trivial procedure, but it is worth ...
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