The number of plumbing gaskets that need changing every week in an apartment complex is assumed to
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The number of plumbing gaskets that need changing every week in an apartment complex is assumed to follow a Poisson process with rate \(\lambda\). You are estimating this need for an apartment complex with 70 flats, and have looked into the documentation for the last semester (26 weeks), and find registered 53 gasket changes. Use a neutral prior, and calculate an \(80 \%\) credible interval for \(\lambda\).
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Related Book For
The Bayesian Way Introductory Statistics For Economists And Engineers
ISBN: 9781119246879
1st Edition
Authors: Svein Olav Nyberg
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