Having a good understanding of these topics is important to be able to apply them in real-life applications. Below are some of the key elements that were discussed throughout this course. Analyze each of the elements below. In your analysis, consider and discuss the application of each of these course elements in analyzing and making decisions about data. Incorporate real-life applications and scenarios.The course elements include:ProbabilityDistributionUncertaintySamplingStatistical InferenceRegression AnalysisTime SeriesForecasting MethodsOptimizationDecision Tree Modeling(a)The paper must apply and reference new learning to each of the ten course elements.(b) build upon class activities such as Excel formulas used or incidents that facilitated learning and understanding.(c) present specific current and/or future applications and relevance to the workplace for each of the ten course elements. The emphasis of the paper should be on modeling applications, outcomes, and new learning.The paperMust be 2000-2500 words (excluding title page and references page), double-spaced, and formatted according to APA style.Must include a separate title page with the following:Title of paperStudent’s nameCourse name and numberInstructor’s nameDate submittedMust use at least three scholarly sources.Must document all sources in APA style.Must include a separate references page that is formatted according to APA style.