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How do you do this on Excel?
Edward Owen is responsible for the maintenance, rental, and day to day operation of several large apartment complexes on the upper-east side of NYC. Owen is especially concerend about the cost projections for replacing air conditioner (A/C) compressors.
He would like to simulate the number of A/C failres each month. Using data from familier apartment buildings he manages in a NYC suburb, Owen established the probability of failuers during a month as follows:
| Number of A/C Failures | Probability |
|---|---|
| 0 | 0.10 |
| 1 | 0.17 |
| 2 | 0.21 |
| 3 | 0.28 |
| 4 | 0.16 |
| 5 | 0.07 |
| 6 | 0.01 |
A) Simulate Owen’s monthly A/C failures for a period of three years (36 months). Compute the average number of failures per month and the expected failures per month.
B) Explain any difference between the simulated average failures and the expected value of failures computed using the probablity distribution.
Expert Answer
Expected number of failure is using exel
WE have given x and probability so the formula for obtaining expected value is
E(x)= X *P
Expected value of failuere per month is 2.48
Averege number of failue is same as expected numbder of failure.
B)
There is no diffrence in expected and avrage becuse both mening in statistics are same
thats why there is no diffrence between this two word don’t confude about expected and average.
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