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Chapter 4: Q. 1 (page 282)

Use the following information to answer the next five exercises: A company wants to evaluate its attrition rate, in other words, how long new hires stay with the company. Over the years, they have established the following probability distribution.

Let X = the number of years a new hire will stay with the company.

Let P(x) = the probability that a new hire will stay with the company x years.

Complete Table 4.20 using the data provided.

Short Answer

Expert verified

P(4)=0.10

Step by step solution

01

Given information

A company wants to evaluate its attrition rate, in other words, how long new hires stay with the company. Over the years, they have established the following probability distribution.

Let X = the number of years a new hire will stay with the company.

Let P(x) = the probability that a new hire will stay with the company x years.

02

Explanation

if you sample N new hires (where N is large > 1000), the mean number of years they stay would be approx 2.43 (this is following the Law of large numbers). that is,

mean=0+1+2+3+5+67=2.43

Therefore the expected value of P(4)is calculated as

0脳0.12+1脳0.18+2脳0.30+3脳0.15+4脳P(4)+5脳0.10+6脳0.05=2.432.03+4脳P(4)=2.43P(4)=2.43-2.034P(4)=0.10

xP(x)
00.12
10.18
20.3
30.15
40.1
50.1
60.05

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Most popular questions from this chapter

Suppose you play a game with a spinner. You play each game by spinning the spinner once. P(red) = 25, P(blue) = 25, and P(green) = 15. If you land on red, you pay \(10. If you land on blue, you don't pay or win anything. If you land on green, you win \)10. Complete the following expected value table.

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