Perhaps the most famous and widely used distribution is the normal distribution, otherwise known as the “bell curve.” The reason why the bell curve crops up a lot is because when you have a bunch of independent, complex, real-world factors added together that produce randomly distributed data, that data will often be distributed in a normal or bell-like way. This is called the central limit theorem.
When you were a child, perhaps there came that day when someone explained to you that Santa Claus didn’t exist, outside of men with bad rosacea dressed up at the mall. Well, today I’m going to shatter another belief: your not-from-concentrate premium orange juice was not hand squeezed. In fact, the pulp in it is probably from different oranges than the juice, and the juice has been pulled from different vats and blended according to mathematical models to ensure that each carafe you drink tastes the same as the last.
The Center for Risk Management at Loyola Quinlan's School of Business is holding a half-day symposium titled “Translating Big Data into Business Decisions.” The goal of the event is to highlight how the value of Big Data is not derived solely from statistics, but from an established business process that requires sound managerial judgment to guide the analytics.