Save your Word document with the following naming convention:Course_Midterm_First Initial Last Name (Example: MIS341_FLast.docx)***Zip your Word document with your spreadsheet files and upload it...

Question 1:
Probabilistic models are based on the idea of using probability theory and probability distributions to estimate the likelihood of certain outcomes. These models are used to estimate the probability that a certain outcome will occur, given a set of conditions. Probabilistic models can be used to estimate the probability of an event occurring, such as the probability of a customer buying a product, given certain characteristics (Azeem, Hosny & Ibrahim, 2014).
Deterministic models are based on the idea of using mathematical and statistical techniques to determine the exact outcome of a problem. These models are used to determine the exact outcome of a certain event, given a set of conditions. Deterministic models can be used to determine the exact outcome of a customer buying a product, given certain characteristics.
The main difference between probabilistic and deterministic models is that probabilistic models are used to estimate the probability of an event occurring, while deterministic models are used to determine the exact outcome of an event. Another difference is that probabilistic models are typically used for predicting future events, while deterministic models are typically used for analyzing past events. Finally, probabilistic models are typically used for making decisions based on uncertain information, while deterministic models are typically used for making decisions based on certain information (Li, Haas & Xie, 1997).
Question 2:
A probability distribution is a mathematical function that describes the likelihood of a particular outcome happening. In other words, it is used to provide the probability of a certain event happening. We care about probability distributions in business analytics because they can help to understand the likely return of a particular investment or project. Probability distributions provide a way to measure the risk associated with any given investment or decision (Sahoo, 2013).
In business analytics, probability distributions allow us to make smarter decisions by taking into account the likelihood of the various outcomes associated with the decision. They help us to assess the risk associated with any given investment or decision, which can inform better decision-making processes. Additionally, probability distributions enable us to predict the outcome of a certain event and help us to make more accurate forecasts. The ability to assess and understand the risks associated with decisions is essential for successful business analytics, and understanding probability distributions are key for making decisions that maximize returns and minimize losses.
Question 3:
A transformation is a process of changing data from one form to another. Transforming data is an important process in business analytics to make data more...