A company wants to evaluate its attrition rate, in other words, how long new hires stay with the company. Over the years, they have established the following probability distribution. Let X = the number of years a new hire will stay with the company. Let P(x) = the probability that a new hire will stay with the company x years. ? =_________ x P(x) 0 0.12 1 0.14 2 0.25 3 0.15 4 ? 5 0.10 6 0.09
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A company wants to evaluate its attrition rate, in other words, how long new hires stay with the company. Over the years, they have established the following
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