Mean & Variance of a Probability distribution
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A bank keeps tracks of customers coming into the bank between 12 Noon and1 PM on Monday. The probability distribution for customer arrivals can be represented by the following table:
X (number of customers) p(x), probability of x:
0 0.1
1 0.15
2 0.18
3 0.2
4 0.2
5 0.1
6 0.07
Find the average and the standard deviation of the customers coming into the bank on a Monday between 12 Noon and 1 PM?
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Solution Summary
The solution provides step-by-step method for the calculation of mean and Variance of a Probability distribution. Formula for the calculation and Interpretations of the results are also included.
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