Talent Corp is a HR-consulting firm. The number of new clients that they have obtained each month has ranged from 0 to 6. The number of new clients has the probability distribution that is shown below. Number of New Clients Probability 0 0.05 1 0.10 2 0.15 3 0.30 4 0.25 5 0.10 6 0.05 Compute the expected number of new clients each month. Compute the variance and standard deviation for the expected number of new clients. What is the probability that there will be 2 or fewer clients next month?
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!
Talent Corp is a HR-consulting firm. The number of new clients that they have obtained each month has
|
Number of |
|
|
New Clients |
Probability |
|
0 |
0.05 |
|
1 |
0.10 |
|
2 |
0.15 |
|
3 |
0.30 |
|
4 |
0.25 |
|
5 |
0.10 |
|
6 |
0.05 |
- Compute the expected number of new clients each month.
- Compute the variance and standard deviation for the expected number of new clients.
- What is the probability that there will be 2 or fewer clients next month?
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