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Microsoft® Excel Data Analysis and Business Modeling by Wayne L. Winston

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Chapter 56. The Normal Random Variable

  • What are the properties of the normal random variable?

  • How do I use Excel to find probabilities for the normal random variable?

  • Can I use Excel to find percentiles for normal random variables?

  • Why is the normal random variable appropriate in many real-world situations?

In Chapter 53, you learned that continuous random variables can be used to model quantities such as the following:

  • Price of Microsoft stock a year from now

  • Market share for a new product

  • Market size for a new product

  • Cost of developing a new product

  • Newborn baby’s weight

  • A person’s IQ

Remember that if a discrete random variable (such as sales of blazers during 2006) can assume many possible values, we can approximate the value by using a continuous random ...

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