increase in demand for tech growth of devices that depend on internet \u00e0 new

Increase in demand for tech growth of devices that

This preview shows page 51 - 54 out of 94 pages.

increase in demand for tech growth of devices that depend on internet à new system developed with 128 binary code sequences Permutations Permutations – the number of different ways in which objects can be arranged in order Number of permutations of n objects selected at X time can be found by Ni! ¸ (N-X)! Ex: 3! = (3) • (2) • (1) = 6 Can be found on calculator easily Selecting Some (NOT all) Objects in a Group Ex: 12 players on a team, how many diff ways can 5 players be selected? - Use formula [ N! ¸ (N – X)! ] 12! ¸ (12 – 5)! à 12! ¸ 7! Combinations Combinations – the number of different ways in which objects can be arranged
Image of page 51
without regard to order Order doesn’t matter, like in permutations Number of combinations of n objects selected X at a time can be found by: N! ¸ [ (N – X)! • X! ] N = total number of objects X = the number of objects to be selected Ex: 5 cards randomly selected from 52-card deck. How many 5-card combinations exist? 52! ¸ (52 – 5)!5! Ex: Probability of a flush – 5 cards of the same suit Choose 5 same suit out of 13 same suit cards in a 52-card deck 13! ¸ (13-5)!5! Ex: Probability of Winning State Lottery Pick 6 numbers out of a possible 49 49! ¸ (49-6)!6! Probability does not have a memory Selected chances have same probability of being selected again next time b/c 2 events are independent and have no influence on one another Combinations = useful in business When a product or service is available with different options Permutation & Combination Functions Permutation =PERMUT (N,X) Combination =COMBIN (N,X) Chapter 5: Discrete Probability Distributions Chapter Intro What is discrete data? Values are typically whole numbers Most situations never involve fractions Counted values Continuous Data Measured Can be any number, even fractions Chapter Review Determining discrete probabilities Discrete probabilities – probabilities that describe the likelihood that certain discrete data will occur Example: - Prices of pizzas, percentage of buyers that purchase (probability) - Number of test questions à probability of passing quiz given that you guessed all of them
Image of page 52
Discrete Probabilities & Business - Forecasting customer demand to plan for staffing & inventory needs - Quantifying risk of producing defective items to provide better control of manufacturing process - Gauging diff customer satisfaction scores to improve customer service Ø 5.1 – INTRODUCTION TO DISCRETE PROBABILITY DISTRIBUTIONS o Business Experiments to Calculate Probabilities § Record number of customers who enter a store each hour during the day - à # customers entered in specific range § Randomly select 6 customers who walked into store & count the number who signed new cell phone contracts - 1/6 customers signed new cell phone contracts § Request that e/customer checking out of a hotel rate their satisfaction on a scale of 1-5 -
Image of page 53
Image of page 54

You've reached the end of your free preview.

Want to read all 94 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture