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Describe the conceptual model and its advantages.What is the most widely used conceptual model?
Z
Often referred to as the Z-score, which is a statistical measure that describes a value's relationship to the mean of a group of values.
Normal Probability Distribution
A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range, characterized by its bell-shaped curve, symmetric about the mean.
Standard Deviation
A statistical metric that quantifies the dispersion or variability of a dataset relative to its mean.
Mean
The average of a set of numbers, calculated by dividing the sum of the values by the number of values.
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