Question: (a) What is the Central Limit Theorem? Why is it important in statistical data analysis? How is the rule of thumb used for the application of the Central Limit Theorem?

(b) What are the characteristics of the standardized normal variable Z distribution? Why do we use the transformation formula to calculate the probabilities for a normal distribution?

(c) What are the different measures of central tendency? Which of these measures is (are) affected by an outlier value?

(d) What do you understand from the terms: mutually exclusive events and collectively exhaustive events?

Give examples to clarify the differences in these two terms.