Question
Discuss how a manager of a retail store can use both the binomial and Poisson distributions to make business decisions. Explain how the distributions differ.
Discuss how a manager of a retail store can use both the binomial and Poisson distributions to make business decisions. Explain how the distributions differ. Provide examples of the type of data that could be used in calculating the probabilities.
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Given that In order to use a binomial distribution we need to know how many events were measuring and what the probability of individual success or failure is Most importantly each individual result m...
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Elementary Statistics
Authors: Robert R. Johnson, Patricia J. Kuby
11th Edition
978-053873350, 9781133169321, 538733500, 1133169325, 978-0538733502
