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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose that the time between successive occurrences of an event follows an exponential distribution with mean 1/λ minutes.Assume that an event occurs.
-Show that,if 4 minutes have already elapsed,the probability that a further 4 minutes will elapse before the next occurrence is e-8λ.Explain your answer in words.
Sales Industry
The sector of the economy focused on the activity of selling goods or services.
Account Analysis
The process of reviewing and evaluating a customer's account to understand their needs, spending patterns, and potential for future transactions.
80/20 Principle
A rule of thumb stating that 80% of outcomes (or outputs) come from 20% of all causes (or inputs) for any given event, also known as the Pareto Principle.
Sales Territory
A specified geographical region or group of customers assigned to a salesperson or team for the purpose of selling products or services.
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