Explain how the empirical rule can be used to help describe data ...

[Haya94]

Explain how the empirical rule can be used to help describe data in a population or a sample.
 
  What will be an ideal response?

Question 2

Holt-Winters' forecasting models are examples of qualitative and judgmental forecasting methods.
 
  Indicate whether the statement is true or false

[kbennett34]

Answer to Question 1

The empirical rule applies when the data distribution is bell-shaped. When this is the case, we know that approximately 68 percent of the data will fall with  1 standard deviation of the mean, approximately 95 percent will fall within  2 standard deviations of the mean, and virtually all of the data will fall within  3 standard deviations of the mean. Thus, by knowing that the distribution is bell-shaped and by knowing the mean and standard deviation, we know more about how the individual data are arranged.

Answer to Question 2

FALSE