Mean Deviation Sum(mod(Xi-Xmean)/n) Central interval Frequency X mean mu=(X-A)/h F*mu^2

Varaince (Sum(Xi-Xmean)^2)(n-1) 20-30 5 25 -3 45

Stadard Deviation Sqrt(Variance) 30-40 14 35 -2 56
Kurtosis n*(sigma(Yi-Ymean)^4/(Sum( 40-50 20 45 -1 20
50-60 25 55 0 0
60-70 17 65 1 17
70-80 11 75 2 44
80-90 8 85 3 72
254

Xi Xi-Xmean
10 -20 160000 -890 792100 400
15 -15 50625 -885 783225 225
20 -10 10000 -880 774400 100
30 0 0 -870 756900 0
40 10 10000 -860 739600 100
45 15 50625 -855 731025 225
50 20 160000 -850 722500 400
30 441250 5299750 1450 2102500
900

0.0299813147613 -1.874197 -2.9700186852

xi
24
53 10
53 18
36 18
21 18
84 18
64 18
34 18
77 18
54 18
25
-0.974210248213 4.587339

2.0257897517873
f*mu^4 mu4/(mu2)^2 mu4=(sum(f*mu^4))*h^4/N Mu2=sum(f*mu^2)*h^2/N
405 2.309504619 149000 254
224 0
20 0 9
0 0
17 0
176 0
648
1490
 Number (X) Frequency(F) Probability(P)
1 160 0.32
2 75 0.15
3 55 0.11
4 80 0.16
5 90 0.18
6 40 0.08
500

Question:
1. P(X>2) P(X=3)+P(X=4)+P(X=5)+P(X=6) 0.53
2. P(Atmost 2) P(X=1)+P(X=2) 0.47
3. P(Atleast 4) P(X=4)+P(X=5)+P(X=6) 0.42
4. P(X<3) P(X=1)+P(X=2) 0.47
5. P(2<X<5) P(X=3)+P(X=4) 0.27
Let be a continuous random variable that can take any value in
the interval .
Let its probability density function be
Question 1
Number Frequency Prabability n*P(x)
1 160 0.32 0.32
2 75 0.15 0.3
3 55 0.11 0.33
4 80 0.16 0.64
5 90 0.18 0.9
6 40 0.08 0.48
500 2.97

Question 2
Number of days went to the gym

Number of days Probability Expected Value

0 0.4 0
1 0.1 0.1
2 0.13 0.26
3 0.02 0.06
4 0.25 1
5 0.08 0.4
6 0.01 0.06
7 0.01 0.07
1.95

Helps investors and managers in deciding on projects based on expected ROI.

Highlights red flags in case an investment is going to underperform.
Various outcomes are combined to arrive at a single outcome, which eases decision-making.
The easy calculation makes it accessible for anyone with basic mathematical skills to calculate the expected value.
Consider every possibility of outcome to calculate the expected value.

Face Amount Probability Expected Value

1 10000 1/6 1666 2/3
2 -5000 1/6 -833 1/3
3 13000 1/6 2166 2/3
4 17000 1/6 2833 1/3
5 1500 1/6 250
6 -200 1/6 -33 1/3
36300 6050
cision-making.
kills to calculate the expected value.
Question1.
A manager of an insurance company goes through the data of insurance policies so
insurance salesmen working under him. He finds that 80% of the people who purc
motor insurance are men. He wants to determine if 8 motor insurance owners are
randomly selected. What would be the probability that exactly 5 of them are men

Question2.
Hospital management is excited about introducing a new drug for treating cance
patients as the chance of a person being successfully treated by it is very high. Th
probability of a patient being successfully treated by the drug is 0.8. The drug is g
10 patients. Find the probability of 9 or more patients being successfully treated
 Binomial Distribution Formula
nsurance policies sold by Mean
e people who purchase Variance
urance owners are
5 of them are men? n
x
p
q = (1-p)
n-x

g for treating cancer
by it is very high. The
is 0.8. The drug is given to
uccessfully treated by it.
Binomial D((n!)/(x!*(n-x)!))*p^x*q^(n-x)
Mean n*p
Variance n*p*(1-p)
n Number of Trails
x Number of Success
p Probability of getting one success
q = (1-p) Probability of getting failure in a
n-x
((n!)/(x!*(n-x)!))*p^x*q^(n-x) (FACT(P6)/((FACT(P7)*FACT(P10)))*P8^P7*P9^P10)
n*p 0.14680064
n*p*(1-p)

Number of Trails 8
Number of Success 5
Probability of getting one success in a trail 0.8
Probability of getting failure in a trial 0.2
3

10 27%
9 10 11%
0.8
0.2
1
0.146801
 Question1.
The average number of yearly accidents at a traffic intersection is 5. To determine the probability that there are exactly thre
the same intersection this year.
Solution: Here, λ = 5, and x = 3

Poisson distribution 0.139931 14%

0.140374

Question-3
The average number of yearly accidents happen at a Railway station platform during train movement is 7. To identify the
there are exactly 4 incidents at the same platform this year, Poisson distribution formula can be used.

0.09122619163735 9%

Question-2
As a car rental company owner, your average weekend car rental customers are 500. However, you are expecting 520 custome
coming weekend. what is the probability that rental customer increased from 500 to 520.

82% 49% 33%

0.82069920824734
bility that there are exactly three accidents at

movement is 7. To identify the probability that

n be used.

you are expecting 520 customers in the