Exponential Distribution compared to Poisson Distribution
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Contrast the major differences between normal distribution and the exponential and Poisson distributions. You should demonstrate what you have learned about exponential distribution by explaining what it is and describing the situations in which it is useful for analyzing data. In addition, ensure that your essay meets the following criteria.
Provide a real-world example in a diagram of one of the three distributions, and explain it.
Explain what the data tells you.
Given your selection, discuss how the data and results can be implemented in business or your life.
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Solution Summary
This posting discusses the differences between an exponential distribution and normal/ Poisson distributions.
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The normal distribution describes how the observations of a variable are symmetrically distributed specifically where most observations are clustered around the central highest point and the probabilities for values further away narrow away equally in both directions. In contrast, the exponential distribution is a probability distribution that describes the time required to wait before a specified event occurs. This distribution gives the time between events in a Poisson process. The Poisson process consists of points randomly located in mathematical space. The exponential distribution means the probability distribution of the time between events in a Poisson point process.
The key property of an exponential function is its memory-less property. This means that the next or prospective probabilities do not depend on past information (a). The normal distribution has the property that the curve is symmetric at the center point. Also, the mean, median, and mode are equal, and half of the values are to the left of the center point and exactly half of the values are to the right of the center point. ...
Education
- MBA, Indian Institute of Social Welfare and Business Management
- BSc, University of Calcutta
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