In the past few units, you have learned about normal distributions, Poisson distributions, and now exponential distributions. For this assignment, you will compose an essay in which you contrast the major differences between the normal distribution from Unit III and the exponential and Poisson distributions. You should demonstrate what you have learned about exponential distribution by explaining what it is and describing the situations in which it is useful for analyzing data. In addition, ensure that your essay meets the following criteria.
Provide a real-world example (not already used in the textbook or unit lessons) in a diagram of one of the three distributions, and explain it.
Explain what the data tells you.
- Given your selection, discuss how the data and results can be implemented in business or your life.