Poisson Probability Function-ECO6416

# Poisson Probability Function-ECO6416 - Poisson Probability...

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Poisson Probability Function Life is good for only two things, discovering mathematics and teaching mathematics. -- Simeon Poisson An important class of decision problems under uncertainty is characterized by the small chance of the occurrence of a particular event, such as an accident. Poisson probability function computes the probability of exactly x independent occurrences during a given period of time, if events take place independently and at a constant rate. Poisson probability function also represent number of occurrences over constant areas or volumes: Poisson probabilities are often used; for example in quality control, software and hardware reliability, insurance claim, number of incoming telephone calls, and queuing theory. Application: Gives probability of exactly x independent occurrences during a given period of time if events take place independently and at a constant rate. May also represents number of occurrences over constant areas or volumes. It is

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## This note was uploaded on 10/04/2011 for the course ECO 6416 taught by Professor Staff during the Spring '08 term at University of Central Florida.

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Poisson Probability Function-ECO6416 - Poisson Probability...

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