You are on probation with Statisticus Ltd for 4 weeks, as sales engineer. The waiting time between
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You are on probation with Statisticus Ltd for 4 weeks, as sales engineer. The waiting time between sales is exponentially distributed, but with parameter \(\lambda\) being a characteristic of the salesman. The requirement for being permanently hired is 2 sales within the probation period.
(a) What is the probability of getting the first sale within 2 weeks, as a function of \(\lambda\), when time is measured in weeks?
(b) What must your \(\lambda\) be if you are going to have at least a \(60 \%\) probability of permanent employment?
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The Bayesian Way Introductory Statistics For Economists And Engineers
ISBN: 9781119246879
1st Edition
Authors: Svein Olav Nyberg
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