The choice of the probability distribution for a random variable can be guided by
A)an objective function.
B)likelihood factors.
C)forecasting.
D)historical data.

Name: The choice of the probability distribution for a random variable can be guided by A)an objective function. B)likelihood factors. C)forecasting. D)historical data.
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Question

Quizplus · Accepted Answer

Historical data can provide insights into the patterns and characteristics of a random variable, helping to guide the choice of an appropriate probability distribution.

The Choice of the Probability Distribution for a Random Variable