A financial consultant has an average of seven customers he consults with each day; assume a...
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A financial consultant has an average of seven customers he consults with each day; assume a Poisson distribution. The consultant's overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least five? Use a seed of 9. According to the simulation, the consultant will meet his target % of the time. (Round to the nearest whole number as needed.) The time required to play a certain board game is uniformly distributed between 15 and 60 minutes. Use the formula U= a + (ba) x RAND() for a uniform distribution between a and b to obtain a sample of 50 outcomes and compute the mean, minimum, maximum, and standard deviation. Determine the appropriate formula. U+RAND() (Type whole numbers.) Fifty random values generated using the formula are now provided in the problem statement. Compute the mean. The mean is minute(s). (Round to one decimal place as needed.) Compute the minimum. The minimum is minute(s). (Type an integer or a decimal. Do not round.) Compute the maximum. The maximum is minute(s). (Type an integer or a decimal. Do not round.) Compute the standard deviation. The standard deviation is minute(s). (Round to one decimal place as needed.) A financial consultant has an average of seven customers he consults with each day; assume a Poisson distribution. The consultant's overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least five? Use a seed of 9. According to the simulation, the consultant will meet his target % of the time. (Round to the nearest whole number as needed.) The time required to play a certain board game is uniformly distributed between 15 and 60 minutes. Use the formula U= a + (ba) x RAND() for a uniform distribution between a and b to obtain a sample of 50 outcomes and compute the mean, minimum, maximum, and standard deviation. Determine the appropriate formula. U+RAND() (Type whole numbers.) Fifty random values generated using the formula are now provided in the problem statement. Compute the mean. The mean is minute(s). (Round to one decimal place as needed.) Compute the minimum. The minimum is minute(s). (Type an integer or a decimal. Do not round.) Compute the maximum. The maximum is minute(s). (Type an integer or a decimal. Do not round.) Compute the standard deviation. The standard deviation is minute(s). (Round to one decimal place as needed.)
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