All malls start limiting the number of visitors and visiting time. One of the marketing directors of a large department store wanted estimates the average number of customers entering the store every five minutes. He randomly select the sample and pay attention to the customer for five minutes. He scored 51, 32, 41, 47, 56, 80, 45, 29, 32 and 78. Then the director asked analysts to calculate the number of in-store arrivals. Analysts assume the number of arrivals is distributed normally. Using this data and a 95% confidence interval, calculate the estimated average value for five minutes inside the department store! What are the benefits of estimating the estimated value in this case (analysis of the answers you have obtained)?
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
All malls start limiting the number of visitors and visiting time. One of the marketing directors of a large department store wanted
estimates the average number of customers entering the store every five minutes. He randomly select the sample and pay attention to the customer for five minutes. He scored 51, 32, 41, 47, 56, 80, 45, 29, 32 and 78. Then the director asked analysts to calculate the number of in-store arrivals. Analysts assume the number of arrivals is distributed normally. Using this data and a 95% confidence interval, calculate the estimated average value for five minutes inside the department store! What are the benefits of estimating the estimated value in this case (analysis of the answers you have obtained)?
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