Bert has a record of closing on the first call 70% of the time, with the probability of a sale dropping 10% with each successive call. Riley has a record of closing on the first call 56% of the time, with the probability of a sale dropping 5% with each successive call. If Bert and Riley make their sale on the fourth call to any given client (which is depedent on prior events), what is the probability of a sale? Based on their results, whom should management let go and whom should they keep? Data from Excel 1st P 2nd P 3rd P 4th P P Bert 0.7 0.6 0.5 0.4 0.3 Riley 0.56 0.51 0.46 0.41 0.36
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.
Bert has a record of closing on the first call 70% of the time, with the
|
Data from Excel |
1st P |
2nd P |
3rd P |
4th P |
P |
|
Bert |
0.7 |
0.6 |
0.5 |
0.4 |
0.3 |
|
Riley |
0.56 |
0.51 |
0.46 |
0.41 |
0.36 |
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