QMB 3600 Lecture Notes - Lecture 3: Binomial Distribution, Standard Deviation, Exponential Distribution

• School: FAU
• Department: Quantitative Methods in Bus
• Course: QMB 3600
• Professor: Schindlbeck Mary

Document Summary

Solutions are provided at the end of the document. P-1 the salespeople at owl realty sell up to 9 houses per month. The probability distribution of a salesperson selling n houses in a month is as follows: P-2 the following data has been recorded regarding the rental history of a high pressure cleaner at a home improvement store. Assuming a binomial distribution, if 6 graduates are selected at random, what is the probability that: 3 have a summer job, none have a summer job, all have a summer job, at least 2 have a summer job. P-12 the time required to assemble a part of a machine follows an exponential distribution. Variance (0-3. 9)2. 05=. 7605 (1-3. 9)2. 10=. 8410 (2-3. 9)2. 15=. 5415 (3-3. 9)2. 20=. 1620 (4-3. 9)2. 15=. 0015 (5-3. 9)2. 10=. 1210 (6-3. 9)2. 10=. 4410 (7-3. 9)2. 05=. 4805 (8-3. 9)2. 05=. 8405 (9-3. 9)2. 05=1. 3005. 1. 00: . 10 the sum of all probabilities must equal one, expected value = 3. 9. Standard deviation is the square root of the variance.