EC255 Chapter Notes - Chapter 6: Standard Deviation, Ontario Highway 401, Probability Distribution
Document Summary
Chapters 6 poisson, exponential and normal distribution. Probability distributions: a table, formula, or graph that describes the values that a random variable can take and their respective probability, discrete probability distributions, continuous probability distributions. Number of successes that occur in an interval (e. g. , period of time and/or region of space) This variable follows poisson distribution: examples. Number of customer arrivals to a bank during a 1-hour period. Number of spills in the oil sands of alberta per month. Number of new cases of a rare blood disease per year in ontario. Number of accidents in one day on a short stretch of highway 401. Normal distribution: probably the most widely known and used of all distributions, many variables in business and industry are normally distributed, examples. Cost per square foot of renting warehouse space. Managers" satisfaction with support from ownership on a five-point scale.
