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BM137 Assignment2 Solutions

BM 137 Assignment 2 – Solutions Course: BM 137 – Quantitative Analysis for Business Assignment 2 – May 2025 Midlands State University

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26 views2 pages

BM137 Assignment2 Solutions

BM 137 Assignment 2 – Solutions Course: BM 137 – Quantitative Analysis for Business Assignment 2 – May 2025 Midlands State University

Uploaded by

Pryce Sami
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

BM 137 Assignment 2 – Solutions

Course: BM 137 – Quantitative Analysis for Business

Assignment 2 – May 2025

Midlands State University

Question 1
The number of work-related accidents per month follows a Poisson distribution with an
average rate (λ) of 4 accidents per month.

Part i
Compute the probability that five accidents will occur in a given month.

Answer: P = 0.1566

Interpretation: There is a 15.66% chance that exactly 5 accidents will occur in any given
month.

Part ii
Compute the probability that less than four accidents will happen in a given month.

Answer: P = 0.4335

Interpretation: There is a 43.35% probability that fewer than 4 accidents will occur in a
month.

Part iii
Compute the probability that at least three accidents will occur in a month.

Answer: P = 0.7619

Interpretation: There is a 76.19% chance that three or more accidents will occur in a month.

Part iv
Compute the probability that in a given fortnight less than three accidents will occur.

Answer: P = 0.6767
Interpretation: There is a 67.67% probability that fewer than 3 accidents will occur in a
fortnight.

Part v
Compute the probability that in a given week two accidents will happen.

Answer: P = 0.1839

Interpretation: There is an 18.39% probability that exactly two accidents will occur in a
given week.

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