From the Probability Distribution, Find the Mean and Standard Deviation

question 38

Short Answer

From the probability distribution, find the mean and standard deviation for the random variable x, which
represents the number of cars per household in a town of 1000 households. $$\begin{array} { c | c } \mathrm { x } & \mathrm { P } ( \mathrm { x } ) \\\hline 0 & 0.125 \\1 & 0.428 \\2 & 0.256 \\3 & 0.108 \\4 & 0.083\end{array}$$

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Definitions:

Prospector Strategy

A business strategy focused on growth and innovation by exploring new markets and opportunities, often at the risk of higher instability and investment.

Little Uncertainty

A scenario characterized by high predictability, allowing for accurate planning and forecasting.

Turnaround Strategy

Strategies implemented by a firm in distress to recover from financial instability, involving restructuring operations to regain profitability.

Retrenchment

A strategic reduction of business activities or workforce by a company to cut expenses and stabilize financially.