Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months and based on inquiries and informal surveys of local housing market, she anticipates that she will get painting jobs at the rate of 4 per week (poisson distributed). Amanda has also determined that it will take a four-person team of painters an average of 0.7 week (exponentially distributed) for a typical painting job. Note: the 4 people of a team work on one job at a time together. Determine the number of teams of painters Amanda needs to hire so that customers will have to wait no longer than two weeks to get their houses painted. (I need a step by step guide to solve this in excel if you solve that way, as well as the queue modeled) b) If the average price for a painting job is $1700 and Amanda pays a team of painters $500 per week, will she make any money.
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!
Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months and based on inquiries and informal surveys of local housing market, she anticipates that she will get painting jobs at the rate of 4 per week (poisson distributed). Amanda has also determined that it will take a four-person team of painters an average of 0.7 week (exponentially distributed) for a typical painting job. Note: the 4 people of a team work on one job at a time together. Determine the number of teams of painters Amanda needs to hire so that customers will have to wait no longer than two weeks to get their houses painted. (I need a step by step guide to solve this in excel if you solve that way, as well as the queue modeled) b) If the average price for a painting job is $1700 and Amanda pays a team of painters $500 per week, will she make any money.
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