Statistics for Managers Individual Work wk3 Essay

Statistics for Managers Individual Work wk3 - Essay Example For instance, an automobile industry can analyze the likelihood of a parts failure in an automobile. Discrete random variable is delineated as a variable in which all the outcomes cannot be broken into smaller measurements and are also mutually exclusive. It exists on either infinitely or finitely countable continuum. Continuous random variable is delineated as infinitely unaccountable probability space. Despite the fact that each event is peculiar, it is not possible to measure the probability of a single event given that it can be further divided into smaller parts. (Lind, & Mason, 2000) This is a random variable because its value is determined by chance, and is unknown in future. An analysis of discrete random variables will be utilized in a supply industry company in which defects can be measured via 100 invoices. This sample size allows discrete random variables as. In addition, process mapping allows multiple phases of data analysis to have visual work force. The possible values this random variable can assume are the values of each card in the deck: two, three, four, and so on. Because these values are distinct, indivisible amounts, the random variable is discrete. This helps balance customer gaps and assure quality assurance to the highest degree. This information can be assessed to use as data to trigger sales in every department. An analysis of continuous random variables is measuring the time with customers coming and entering the retail at a specific time. Continuous random variables can be utilized in Wal-Mart in which customers are coming in 3 minutes 32 seconds of 5 minutes 17.6 seconds. This is crucial to quantify the data in essence to have a visual display of the work that is being conducted. For instance, suppliers and vendors can look at this data to analyze when customers are coming at the right time. Inputs can be utilized to include process activity in which customers