Provide an Appropriate Response

question 8

Essay

Provide an appropriate response.
-Under what conditions are you allowed to use the normal distribution to approximate the binomial distribution? Under what conditions might you want to use the normal distribution to approximate the binomial as opposed to using the binomial probability formula, a table of binomial probabilities, or a computer?

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Definitions:

Managers

Managers are individuals in an organization responsible for directing and overseeing the work of a group of people in achieving certain goals or completing projects.

General-Purpose Financial Statements

A type of financial accounting report that is distributed to external users. The term “general purpose” refers to the wide range of decision-making needs that the reports are designed to serve.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, helping businesses manage their cash flow.

Economic Activities

Actions that involve the production, distribution, and consumption of goods and services in an economy.