Business Statistics

Chapter 6

Discrete Probability Distributions

The most important questions of life are, for the most part, really only problems of probability.

 

– Pierre Simon de Laplace

LEARNING OBJECTIVES

Upon completion of this chapter, you will be able to:

• Understand the difference between discrete and continuous distributions
• Understand the concept of mean, variance, and standard deviation of discrete distribution
• Understand the concept of binomial distribution and solve problems of binomial distribution
• Understand the concept of Poisson distribution and solve problems of Poisson distribution
• Understand the concept of hypergeometric distribution and solve problems of hypergeometric distribution
• Decide when Poisson distribution can be a reasonable approximation ...