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Author Question: The binomial distribution is widely used in business applications. Why do you think this is the ... (Read 41 times)

Mr. Wonderful

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on: Jun 24, 2018
The binomial distribution is widely used in business applications. Why do you think this is the case?
 
  What will be an ideal response?

Question 2

Are there gender differences in response to the commercial?
 
  What will be an ideal response?


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IAPPLET

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Reply #1 on: Jun 24, 2018
Answer to Question 1

The conditions necessary for applying the binomial distribution are not as restrictive as they may seem. The situation of repeated independent trials with only two possible outcomes occurs quite frequently: sales calls achieve the sale or not, investments are profitable or not, productions achieve quotas or not, etc. Further, a number of situations, which might have a range of outcomes can be classified into two categories-made into categorical variables-and, can thus also be represented by the binomial distribution.

Answer to Question 2

The conditional probabilities for men may be found by dividing the response frequencies in the men row by the total number of men, 100. For women, divide the frequencies by the total number of women, 150. The results are shown in the following two-way table.

Incorrect Favorable Unfavorable
Men 0.42 0.38 0.20
Women 0.42 0.38 0.20

The response probabilities are exactly the same for each gender. Therefore there are no gender differences at all in the responses.


Mr. Wonderful

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Reply 2 on: Jun 24, 2018
:D TYSM

LVPMS

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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