Notes - Chapter 07 - MGMT 2340 Section W01 Business...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: MGMT 2340 Section W01 Business Statistics I Instructor: E. Mark Leany contact via Blackboard online.uen.org alternately: [email protected] Continuous Probability Distributions Chapter 7 218 GOALS 1. Understand the difference between discrete and continuous distributions. 2. Compute the mean and the standard deviation for a uniform distribution . 3. Compute probabilities by using the uniform distribution. 4. List the characteristics of the normal probability distribution . 5. Define and calculate z values. 6. Determine the probability an observation is between two points on a normal probability distribution. 7. Determine the probability an observation is above (or below) a point on a normal probability distribution. 8. Use the normal probability distribution to approximate the binomial distribution. 218 Binomial – Shapes for Varying n ( S constant) 197 Total Area = 1.00 Area = Height x Width = Probability The Uniform Distribution The uniform probability distribution is perhaps the simplest distribution for a continuous random variable . This distribution is rectangular in shape and is defined by minimum and maximum values. Events are Equally Likely (hence Uniform) What do we know about area? Sum of Area = 1 219 Area of a Line = 0.00 The Uniform Distribution – Mean and Standard Deviation 220 Southwest Arizona State University provides bus service to students while they are on campus. A bus arrives at the North Main Street and College Drive stop every 30 minutes between 6 A.M. and 11 P.M. during weekdays. Students arrive at the bus stop at random times. The time that a student waits is uniformly distributed from 0 to 30 minutes. 1. Draw a graph of this distribution. 2. Show that the area of this uniform distribution is 1.00. 3. How long will a student “typically” have to wait for a bus? In other words what is the mean waiting time? 4. What is the standard deviation of the waiting times? 5. What is the probability a student will wait more than 25 minutes 6. What is the probability a student will wait between 10 and 20 minutes? The Uniform Distribution - Example 221 The Uniform Distribution - Example 1. Draw a graph of this distribution. 221 3 . 30 1 1 ) ( ! ! ! a b x P The Uniform Distribution - Example 2. Show that the area of this distribution is 1.00 221 The Uniform Distribution - Example 3. How long will a student “typically” have to wait for a bus? In other words what is the mean waiting time? What is the standard deviation of the waiting times? 221 The Uniform Distribution - Example 4. What is the probability a student will wait more than 25 minutes?...
View Full Document

This note was uploaded on 12/05/2011 for the course MGMT 2340 taught by Professor Leany during the Winter '11 term at Utah Valley University.

Page1 / 20

Notes - Chapter 07 - MGMT 2340 Section W01 Business...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online