Distribution and hypothesis testing

Question

Briefly explain one real life application on each of the following. You may refer to any organization that you are working with or are familiar with. The application that you are explaining can be an existing process in the chosen organization or a suggestion by you for a prevailing situation in the organization.

a) Binomial distribution

b) Poisson distribution

c) Normal distribution

d) Confidence interval

e) Hypothesis testing​

Answer 1

Some of these are from my stats book and the real-world applications used in the book.

a) Binomial distribution

It can be used in sales, manufacturing, and marketing if there are two possible outcomes, such as failure or success rates.

b) Poisson distribution

A discrete probability distribution shows us the likelihood of a given number of events occurring in a fixed interval of time and/or space if these events occur with a known average rate and independently of the time since the last event happened.

c) Normal distribution

This type of distribution, also known as the bell curve, is a normal distribution that shows the probability density of a population of continuous data. Businesses, financial firms, engineers, and many companies use the normal distribution. I have seen it the most used in questions about birth rates, heights, weights, ages, etc.

d) Confidence interval

These are used more often than most think. Businesses, the NEWS, voting, health fields, and others may have uncertainty in different sample variables from a population.

e) Hypothesis testing​

Hypothesis testing is a way that helps people make decisions for validation and to find conclusions based on data given or found. It's used in many areas to help people understand situations and make informed choices in research. In medical, finance, marketing, and research, in general, hypothesis testing is used to help in the way mentioned above.