BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The triangular distribution has a definite upper and lower limit, so we avoid unwanted extreme values. In addition the triangular distribution is a good model for skewed distributions. The sum of two dice is often modelled as a discrete triangular distribution with a minimum of 2, a maximum of 12 and a peak at 7.

Detailed explanation-2: -The triangular distribution is typically used as a subjective description of a population for which there is only limited sample data, and especially in cases where the relationship between variables is known but data is scarce (possibly because of the high cost of collection).

Detailed explanation-3: -The triangular distribution has a fixed upper and lower bound. The statement is true.

Detailed explanation-4: -The big advantage of the triangular distribution over the uniform distribution is that it incorporates a modal value, or outcome that is thought to be most likely to occur.

Detailed explanation-5: -A Triangular distribution is specified by its minimum, maximum and mean values. It does not have to be symmetric, and can be skewed either to the left or right by entering a mean value greater than or less than the average of the minimum and maximum values.