A restaurant averages 4 51 customers per 10 minutes during the summer in the late afternoon Shown here are Excel and Minitab output for this restaurant Discuss the type of distribution used to analyze the data and the meaning of the probabilities Exponential Distribution x Value Probability x Value...

The exponential distribution has l 451 per 10 minu ...

A restaurant averages 4.51 customers per 10 minutes during the summer in the late afternoon. Shown here

Question:

A restaurant averages 4.51 customers per 10 minutes during the summer in the late afternoon. Shown here are Excel and Minitab output for this restaurant. Discuss the type of used to analyze the data and the meaning of the probabilities.
Exponential Value ..... Probability < x Value
0.1 ....... 0.3630
0.2 ....... 0.5942
0.5 ....... 0.8951
1.0 ....... 0.9890
2.4 ....... 1.0000

CUMULATIVE FUNCTION
Exponential with mean = 0.221729
x ... P(X <= x)
0.1 .... 0.363010
0.2 .... 0.594243
0.5 .... 0.895127
1.0 .... 0.989002
2.4 .... 0.999980

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...