In this essay I’ll develop a summary report for the vice president of Land and Agua Insurance Company. First, I’ll predict the probability of both < 2 errors or >= 5 errors using the correct discrete probability distribution. Next, I’ll use the call time mean and standard deviation from thequality sample to find the probability of a call time < 7min, between 7 and 9 min, and > 9 min. Finally, I’ll calculate and evaluate the 95% confidence interval for the mean from the call time data.
To develop a summary report for the president Land and Agua Insurance Company, we first need to predict the probability of both < 2 errors or >= 5 errors using the correct discrete probability distribution. The total call frequency is 1000. The total correct calls is 850 and the total incorrect calls is 150, which gives us 85% for correct calls and 15% are incorrect calls. To get the probability of < 2, we need to find the probability that x is less than a givenvalue, then find the sum of the binomial probabilities for each value of x that is less than thevalue. Here’s the full binomial probability formula with the binomial coefficient: P(X)=((n!)/(X!
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- Fall '12
- Normal Distribution, vice president, Agua Insurance Company, Agua Insurance