A financial consultant has an average of seven customers he consults with each day; assume a Poisson distribution. The consultants overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least five?
FIRST – analyze the data in Excel – save your work and upload your Excel workbook as an attachment to this discussion.
NEXT – If you didn’t quite understand how to do this, no worries, just express your questions here for classmates to answer. If you did understand how to do this, explain the steps you took to answer this word problem in detail.
FINALLY – Discuss what probability distributions are and specifically, the differences between discrete and continuous variables.
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