week 2 bus461 – 20210618A

I’m working on a business discussion question and need an explanation to help me learn. Note that this discussion is due on Day 3. Although the initial post is due on Day 3, you are encouraged to start working on it early, as it includes performing operations in Excel, prior to being able to answer the questions. Complete Problem 18 in Chapter 4 on page 159. A quality inspector picks a sample of 15 items at random from a manufacturing process known to produce 10% defective items. Let X be the number of defective items found in the random sample of 15 items. Assume that the condition of each item is independent of that of each of the other items in the sample. The probability distribution of X is provided in the file P04_18.xlsx. In the discussion area, answer both questions in Parts a and b. Attach the Excel document. Requirements: 250 Use simulation to generate 500 values of this random variable X. Calculate the mean and standard deviation of the simulated values. How do they compare to the mean and standard deviation of the given probability distribution? (Albright, 2017, p. 159). Use simulation to generate 500 values of this random variable X.
Calculate the mean and standard deviation of the simulated values. How do they compare to the mean and standard deviation of the given probability distribution? (Albright, 2017, p. 159).