When Observing a Checkout Line at a Food Store, the Average

question 104

Essay

When observing a checkout line at a food store, the average number of people served is 15 per hour. Using the Poisson distribution, what is the standard deviation of the number of people served in an hour?

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Definitions:

Months

Units of time, approximately 1/12th of a year, used in calendars to segment time.

Maturity Value

The total amount that will be paid to the investor at the end of a fixed-income investment's life.

Months

Units of time, each roughly equivalent to one twelfth of a year, used in planning and organizing.

Rate Of Interest

The percentage of the principal that will be charged for a particular period of time, normally one year.