Table 14-3 The following data consists of a matrix of transition probabilities (P) of three office locations (A,B,C) within a large company and how employees shift from one location to the other from year to year. The company CEO would like to understand the movement of employees over time and the long-run proportion of employees in each location. Assume that there is always a total of 3000 employees. A A [0.4 0.3 0.3] 0.5 0.2 0.3 (0) = [1000, 1000, 1000) 0.6 0.3 0.1] P = B Using the data given in Table 14-3, how many employees do we expect in location A two years from now? 1420 1400 1500 O 1000 S0000

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Average

In mathematics, everyone must have heard the term average in one place or other. Almost all types of calculation require taking out an average. In everyday life, the term is used for denoting a certain amount that can be said to be a typical quantity for multiple people or objects. In other words, if a group of people possesses a certain object, then the average gives us an idea regarding the quantity of the object possessed by each person. However, this is solely based on mathematical calculation. It is important to note that most people will not strictly have the average value in a group.