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Risk management (KGNB_NETA002)
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An increase in the standard deviation of the normal distribution indicates a decrease in risk.
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Which distribution is suitable for modeling processes where growth is cumulative and always positive?
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A common application of the gamma distribution is the estimation of waiting times in customer service operations.
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For a lognormal distribution with μ = 2 and σ² = 0.02, what is the expected value in the original (non-log) space?
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In a customer service center, the average waiting time is 6 minutes with a standard deviation of 3 minutes. What is the value of the γ (shape) parameter?
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The gamma distribution can take negative values if the standard deviation is large.
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Which Excel function can be used to calculate the cumulative probability for a lognormal distribution?
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The expected value of the gamma distribution is calculated by the formula α/β.
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The lognormal distribution is frequently applied to project duration modeling, as the probability of delay is not negligible.
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For a normally distributed variable with a mean μ = 0 and standard deviation σ = 2.5, what is the Z value if X = 5?
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