Normal distributions can be used for many purposes.
Normal distributions can be used for many purposes. One purpose might be to determine warranty times on a new game system. Consider if game systems normally last for 36 months before a failure of some sort with a standard deviation of 5 months. If we wanted to have a warranty that paid off on only 5% of the machines (in other words where 95% of them will work) then we could use:
=NORMINV(0.95,36,5)
which would give 44.22 months. This means that we should set our warranty period at 44 months to make sure that we only have to pay off on 5% of the machines. We obviously want to keep our customers happy and fix their system if it fails after a few months.
Come up with at least two examples for normal distributions (similar to the above) with numbers and the formula (Google Sheets or Excel) that you used.
Answer preview to normal distributions can be used for many purposes.
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