Suppose that the length of stay (in hours) at a hospital emergency department is modeled with a lognormal random variable X with 1 5 and 0 4 Determine the following in parts (a) and (b) (a) Mean and variance (b) P(X 8) (c) Comment on the difference between the probability P(X 0) calculated from thi...

X has a lognormal distribution with q 15 and w 04 a b ...

Suppose that the length of stay (in hours) at a hospital emergency department is modeled with a

Question:

Suppose that the length of stay (in hours) at a hospital emergency department is modeled with a lognormal random variable X with θ = 1.5 and ω = 0.4. Determine the following in parts (a) and (b):

(a) Mean and variance

(b) P(X <8)

(c) Comment on the difference between the probability P(X < 0) calculated from this lognormal distribution and a normal distribution with the same mean and variance.

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...

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