Suppose that in a day, the probability of a car agents' not closing any deal is 0.35. On the other hand, the probability that he/she can close one deal is 0.3, two deals, 0.25; and three deals, 0.1. prepare/construct probability distribution table for random variable X define as the number of closed deals. create the Probability distribution and compute the mean, variance and standard deviation (below formula for your reference)
Suppose that in a day, the probability of a car agents' not closing any deal is 0.35. On the other hand, the probability that he/she can close one deal is 0.3, two deals, 0.25; and three deals, 0.1. prepare/construct probability distribution table for random variable X define as the number of closed deals. create the Probability distribution and compute the mean, variance and standard deviation (below formula for your reference)
Suppose that in a day, the probability of a car agents' not closing any deal is 0.35. On the other hand, the probability that he/she can close one deal is 0.3, two deals, 0.25; and three deals, 0.1. prepare/construct probability distribution table for random variable X define as the number of closed deals. create the Probability distribution and compute the mean, variance and standard deviation (below formula for your reference)
Suppose that in a day, the probability of a car agents' not closing any deal is 0.35. On the other hand, the probability that he/she can close one deal is 0.3, two deals, 0.25; and three deals, 0.1.
prepare/construct probability distribution table for random variable X define as the number of closed deals.
create the Probability distribution and compute the mean, variance and standard deviation (below formula for your reference)
Transcribed Image Text:The mean, the variance, and the standard deviation of frequency distribution can
be used to describe the measures of the center and the variations of the score
from the center of the distribution. The formulas are listed below:
cores
Mean of Binomial Distribution
H= n x p
Variance of Binomial Distribution
o = 4x q
Standard Deviation of Binomial Distribution
O = Vo
Transcribed Image Text:Mean, Variance and Standard Deviation of Probability
Distribution
Formula for the Mean
or Expected Value of a
Probability Distribution
μ= ΣΧ.ΡX
Note: E is summation, and means to sum up.
To solve:
•multiply each value by its probability
• sum them up
Formula for the Variance:
o? = EX?PX - µ?
To solve:
• square each value and multiply by its probability
· sum them up and we get EX²PX
• then subtract the square of the Expected Value p?
Formula for the Standard Deviation: o
O = V o?
The Standard Deviation is the square root of the Variance
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
