Name: Ebina, John Winnie - AI301

1. What is a Probability Distributions and Data Modeling?

References / URL Link:

Probability distributions - It is a statistical function that describes all

the possible values and likelihoods that a random variable can take
within a given range. This range will be bounded between the minimum
and maximum possible values, but precisely where the possible value is
likely to be plotted on the probability distribution depends on a number of
factors. These factors include the distribution's mean (average),
standard deviation, skewness, and kurtosis.
Data modeling - it is the process of creating a data model for the data to
be stored in a database. This data model is a conceptual representation
of Data objects, the associations between different data objects, and the
rules. Data modeling helps in the visual representation of data and
enforces business rules, regulatory compliances, and government
policies on the data. Data Models ensure consistency in naming
conventions, default values, semantics, security while ensuring quality of
the data.

2. Explain conditional probability and how it can be applied in a business

context?
References / URL Link:

Conditional probability is defined as the likelihood of an event or

outcome occurring, based on the occurrence of a previous event or outcome.
Conditional probability is calculated by multiplying the probability of the
preceding event by the updated probability of the succeeding, or conditional,
event. Conditional probability applied with unconditional probability.
Unconditional probability refers to the likelihood that an event will take place
irrespective of whether any other events have taken place or any other
conditions are present.
3. Describe the normal and standard normal distributions?
References / URL Link:

A normal distribution, sometimes called the bell curve, is a distribution

that occurs naturally in many situations. While standard normal distribution
could help you figure out which subject you are getting good grades in and
which subjects you have to exert more effort into due to low scoring
percentages. Once you get a score in one subject that is higher than your score
in another subject, you might think that you are better in the subject where you
got the higher score.

4. Explain how a probability density function differs from a probability mass

function?
References / URL Link:

Probability density function is a statistical expression that defines a

probability distribution (the likelihood of an outcome) for a discrete random
variable (e.g., a stock or ETF) as opposed to a continuous random variable.
while Probability Mass Function (PMF)— also called a frequency function—
gives you probabilities for discrete random variables. “Random variables” are
variables from experiments like dice rolls, choosing a number out of a hat, or
getting a high score on a test. The “discrete” part means that there’s a set
number of outcomes.