use this as a reference and cite it in apa 7th edition format. also cite any other outside resource you might use McGraw-Hill Education ISE Applied Statistics in Business and Economics (7th Edition) David Doane and Lori Seward Course Faculty: Thomas Allen Utilizing statistical probability models, you will be able to evaluate and analyze business data under uncertainty conditions. You will also be able to create and test hypotheses and draw conclusions based on samples of data. Reflection Consider the following: Many business activities generate data that can be thought of as random. An example described in the textbook is the servicing of cars at an oil change shop. Each car entering the shop can be considered an experiment with random outcomes. A variable of interest in this experiment could be the amount of time necessary to service the car. Service time will vary randomly with each car. Often, we can capture the most relevant characteristics of a stochastic process with a simple probability distribution model. We can then analyze the model to make predictions and drive decisions. For instance, we could estimate the number of technicians the oil change shop needs to service demand on a Saturday afternoon. Respond to the following questions: What is a random variable? How would you differentiate a discrete from a continuous random variable