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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). 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. Available:
References
Arsham, H. (1994). "Statistical thinking for managerial decisions." January 1994,
National Science Foundation. 1, October 2005: http://home.ubalt.edu/ntsbarsh/Business-stat/opre504.htm
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Hillmer, S.C. (1996). A problem solving approach to teaching business statistics." The American Statistician, 50(3): 249.
ICMBA. (2002). "Normal distribution." NetMBA.com, Internet Center for Management and Business Administration, Inc. 30, Sept 2005: http://www.netmba.com/statistics/distribution/normal/
Waller, M.A., Dabholkar, P.A. & Gentry, J.J. (2000). "Postponement, product customization and market oriented supply chain management." Journal of Business Logistics, 29, Sept. 2005:
http://www.findarticles.com/p/articles/mi_qa3705/is_200001/ai_n8889247
Willoughby, T.L. (1996). "Standard deviation." 1, October 2005:
http://www.med.umkc.edu/tlwbiostats/variability.html
Business Statistics
References
Arsham, H. (1994). "Statistical thinking for managerial decisions." January 1994,
National Science Foundation. 1, October 2005: http://home.ubalt.edu/ntsbarsh/Business-stat/opre504.htm
History for Dayton, Ohio February Temperatures." Weather Underground. Available:
http://www.wunderground.com/
ICMBA. (2002). "Normal distribution." NetMBA.com, Internet Center for Management and Business Administration, Inc. 30, Sept 2005: http://www.netmba.com/statistics/distribution/normal/
http://www.findarticles.com/p/articles/mi_qa3705/is_200001/ai_n8889247
http://www.med.umkc.edu/tlwbiostats/variability.html
Because the nature of economic and business phenomena is clearly statistical in nature and the need for a scientific approach is becoming more and more necessary, so statistical analysis has become an integral part of every aspect of theoretical and applied research. The inter-dependence of economies and the development of global markets has introduced new levels and sources of competition for the businesses. Businesses face new levels of risk as the
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