expected value, variance and standard deviation
Discrete random variables
Discrete probability distributions: binomial
Continuous random variables: uniform distribution and normal distributions
Sampling distributions on a sample mean
de by credit card; you think this is true at your store as well. On a typical day you make 20 sales.
Show that this situation can be modeled by a binomial distribution. For credit, you must discuss each of the criteria required for a binomial experiment.
Define the random variable x in this scenario, using the context of the problem.
List all possible values of x for this situation.
On one trial for this scenario, what does “success” mean? Explain using the words of the problem.
What is the probability of success in this scenario?
What is the probability of failure in this scenario?
Probability Distribution Instructions¬¬¬¬
In Excel, create a probability distribution for this scenario.
Label Column A as “x” and Column B as “P(x).”
In Column A, list the numbers 0 to 15.
In Column B, use BINOM.DIST.RANGE to calculate the probability for each x value.
Highlight the probability cells, then right click and select Format Cells. Format the probability cells as “Number” and have Excel show 4 decimal places.
Create a probability histogram using the probabilities you calculated. Format and label it properly. Be sure to use the “Select Data” button to change the x-axis so it correctly lists the x-values.