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Quantitative Study Guide

In: Business and Management

Submitted By Kilon
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PROBABILITY (module 4 & 5)

Probability for a discrete variable
Probability for a discrete variable=chance of the discrete variable taking on a particular value, expressed as a percentage
These can be estimated by experiments or observations, called empirical probability.

Explained in excel
Probability Distribution: A Tabulated view of the uncertain behavior of a discrete random variable
Cumulative Distribution: Another Tabulated view of the uncertain behavior of a discrete random variable
Expectation of a variable: A weighted average taking into account the probability.

Difference between DV and Random Variable.
***We control a decision variable, and so we can stop being uncertain about it any time we want to make the decision. Random variables are used in decision-analysis models only to represent quantities that we do not know and cannot control.
Let us use the variable X to represent number of dots from tossing a fair die. a. Tabulate the probability and cumulative distribution of X
X=xi 1 2 3 4 5 6
Probability Distribution P(X=xi) 1/6 1/6 1/6 1/6 1/6 1/6
Cumulative Distribution P(X4), P(X=1.5), P(X 1 *1 * .00109 = .0011
c. at least 2 of the 3 orders will be filled correctly? x=2|n=3| π=.897 3!/2!(3-2)! * .8972(1-.897)3-2 => 6/2 * .8046(.103)1 => 3*.8046(.103) = .2486 then add answer from A .2486+.7217 = .9703 adding answer from a and the first part of this answer since it says at least 2
d. what are the mean and standard deviation of the binomial distribution used in (a) through (c)? interpret these values µ=E(x) = nπ so this means .897*3 = 2.691 σ =√σ2 => √nπ(1-π) =>√3*.897(1-.897)=> √.2772 = .5265

Poisson Distribution
P(X=x|λ) = e-λ λx / x!
Where P(X=x|λ) = probability that X=x events in an area of opportunity given λ λ = expected # of events e = mathematical constant approximated by 2.71828 x =

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