According to BusinessWeek, 50% of top managers leave their jobs within 5 years. If 25 top managers are followed over 5 years after they assume their position, what is the probability that none will have left their jobs? All of them will have left their jobs? At least one will have left the position? What implicit assumption are you making and how do you justify it?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
According to BusinessWeek, 50% of top managers leave their jobs within 5 years. If 25 top managers are followed over 5 years after they assume their position, what is the probability that none will have left their jobs? All of them will have left their jobs? At least one will have left the position? What implicit assumption are you making and how do you justify it?
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