Flasher Marketing Research (FMR) specializes in assessing the prospects for a women's clothing store in a central hub. Al Flashner, the company's director, explains that he rates a prospect based on good, fair, and bad criteria. Records show that 60 percent of store prospects are good, 30 percent are fair, and 10 percent are bad. Of the stores that had a good prospect, 80 percent of the profits in the first year, from sufficient stores, 60 percent of them made a profit in the first year, and of the stores that had a bad chance, 20 percent made a profit in the first year. Connie's women's clothing store is one of Flashner's customers. Connie's women's clothing store made a fortune in the last year. What is the probability that the shop has a bad prospect?
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.
Flasher Marketing Research (FMR) specializes in assessing the prospects for a women's clothing store in a central hub. Al Flashner, the company's director, explains that he rates a prospect based on good, fair, and bad criteria. Records show that 60 percent of store prospects are good, 30 percent are fair, and 10 percent are bad. Of the stores that had a good prospect, 80 percent of the profits in the first year, from sufficient stores, 60 percent of them made a profit in the first year, and of the stores that had a bad chance, 20 percent made a profit in the first year. Connie's women's clothing store is one of Flashner's customers. Connie's women's clothing store made a fortune in the last year. What is the
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