The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.The probability on a given day that the salesperson will make one sale and that it is medium is 0.09.
Definitions:
Actual Level
Represents the real, measured level of activity, production, or performance, as opposed to estimated or planned levels.
Revenue Variance
Revenue variance is the difference between actual revenue and budgeted or forecasted revenue, indicating the effectiveness of a company’s sales strategies.
Units Sold
The quantity of products or services sold by a company during a specific period of time.
Selling Price
The amount of money charged for a product or service, or the sum of the value that customers exchange for the benefits of having or using the product or service.
Q8: When customers come to a bank,there are
Q15: The Dow Theory states that as long
Q21: A university recently collected data for a
Q44: The asking price for homes on the
Q50: One of the nation's biggest regional airlines
Q60: The Anderson Lumber Company has three sawmills
Q110: The symbol μ is used to represent
Q124: Each week American Stores receives a shipment
Q125: According to the most recent Labor Department
Q134: The number of no-shows each day for