A financial consultant has an average of 8 customer consultations each day. The

Question

A financial consultant has an average of 8 customer consultations each day. The consultant’s overhead requires 3 customers arrive in order that fees cover expenses. Use appropriate distributions to answer the following questions. Use excel and show work.

For a typical day, what is the probability that the consultant will fail to cover her expenses?

Assume that the financial consultant employs a number of interns to serve customers. Also assume that an intern cannot serve more than two customers a day. How many interns should the financial consultant have in a day if they serve all her customers, and she wants to keep the probability of turning a customer away to less than 10%?

The average number of customers that arrives is 8 per day (the office is open six hours a day). If a customer has just arrived, what is the probability it will take longer than one hour for the next customer to arrive?

Explanation / Answer

Let X be the random variable denoting number of customers arriving in a day.

X~P(8)

then the probability that the consultant will fail to cover her expenses =P(X<3)=P(X=0)+P(X=1)+P(X=2)

= 0.0137540

Y be the time of arrival of the next customer

In 6 hours everyday 8 customers comes then average time between two customers is 0.75 hour.

Y~exp(0.75)

P(0<Y<1)=0.736403

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.