Binomial Probability: Meeting the quota of 3 diamond rings
Dan must sell 3 diamond rings this week to meet his quota. He is meeting up with 5 possible customers, each who wants a different ring. If he has a 30% chance of making the sale with each customer, what is the probability that he will meet his quota by tomorrow.
Now suppose 3 of his customers want the same ring, and they will go to another store if its already been sold. Would it be appropriate to use the binomial distribution under these conditions? Why or why not?
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Probability
• Dan must sell 3 diamond rings this week to meet his quota. He is meeting up with 5 possible customers, each who wants a different ring. If he has a 30% chance of making the sale with each customer, what is the probability that he will meet his quota by ...
Solution Summary
The solution provides step by step method for the calculation of binomial probabilities. The solution also provides assumptions in binomial distribution. Formula for the calculation and Interpretations of the results are also included.