The Empirical Rule is important because it provides an estimate of the probability of an event occurring depending on the Standard Deviation from the Mean.

Question

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The Empirical Rule or 68-95-99.7 rule provides a rough estimate of the probability of an event occurring based on the number of standard deviations away from the mean. It states that approximately 68% of data falls within one standard deviation, 95% within two standard deviations, and 99.7% within three standard deviations of the mean. Therefore, it can be used to estimate the probability of an event occurring based on its distance from the mean.

The Empirical Rule Is Important Because It Provides an Estimate