Question
An investment fund company has a service that allows clients to make money transfers of a accounts to others over the phone. An estimated 3.2 percent of calling customers find the line is busy or kept on hold for so long that they hang up. Management believes that any failure of this type is a loss of clientele valued at $10. Suppose you try to make 2,000 calls in a certain period. to) Find the mean and standard deviation of the number of callers who are busy or hang up. after they are kept waiting. b) Find the mean and standard deviation of the total customer loss that Experience the investment fund company in these 2,000 calls.
136
likes679 views
Answer to a math question An investment fund company has a service that allows clients to make money transfers of a accounts to others over the phone. An estimated 3.2 percent of calling customers find the line is busy or kept on hold for so long that they hang up. Management believes that any failure of this type is a loss of clientele valued at $10. Suppose you try to make 2,000 calls in a certain period. to) Find the mean and standard deviation of the number of callers who are busy or hang up. after they are kept waiting. b) Find the mean and standard deviation of the total customer loss that Experience the investment fund company in these 2,000 calls.
Rasheed
4.7109 Answers
Let's denote:
-X
-Y
Given:
- Probability of a caller finding the line busy or hanging up:p = 0.032
- Number of calls attempted:n = 2000
- Value of one lost client:v =
a) Finding the mean and standard deviation of the number of callers who are busy or hang up:
Mean:E(X) = np = 2000 \times 0.032 = 64
Standard Deviation:\sigma_X=\sqrt{np(1-p)}=\sqrt{2000 \times0.032 \times0.968}\approx7.87
b) Finding the mean and standard deviation of the total customer loss:
Mean:E(Y) = X \times v = 64 \times 640
Standard Deviation:\sigma_Y=\sigma_X\times v=7.90\times79
\(\textbf{Answer:}\)
a) Mean number of callers who are busy or hang up:E(X) = 64 \sigma_X \approx 7.90
b) Mean total customer loss:E(Y)=640 \sigma_Y=79
-
-
Given:
- Probability of a caller finding the line busy or hanging up:
- Number of calls attempted:
- Value of one lost client:
a) Finding the mean and standard deviation of the number of callers who are busy or hang up:
Mean:
Standard Deviation:
b) Finding the mean and standard deviation of the total customer loss:
Mean:
Standard Deviation:
a) Mean number of callers who are busy or hang up:
b) Mean total customer loss:
Frequently asked questions (FAQs)
What is the lateral area of a right circular cylinder with a radius of 3 units and a height of 5 units?
+
What is the equation of an ellipse with a horizontal major axis, center at (h, k), semi-major axis a, and semi-minor axis b?
+
What value of x satisfies the inequality -3x + 7 > 10?
+
New questions in Mathematics