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 analyzation, 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 ModelingThe paper must (a) apply and reference new learning to each of the ten course elements, (b) build upon class activities or incidents that facilitated learning and understanding, and (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.Do not spend more than a few words at most defining what these tools are. That is not your task because you and your reader are both assumed to be fully conversant in what these tools are. Your task is to explain how you would apply the tool to a real-world situation.Please be absolutely sure to address every topic. ust be 2000-2500 words (excluding title page and references page), double-spaced, and formatted according to APA style as outlined