Customers Arrive at a Store Randomly, Following a Poisson Distribution

question 41

Short Answer

Customers arrive at a store randomly, following a Poisson distribution at an average rate of 90 per hour. How many customers would you expect to arrive in a 20 minute period?

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Definitions:

Controlling

Controlling refers to management activities that ensure the organization's goals are consistently being met in an effective and efficient manner.

Gross Profit

Net sales less cost of goods sold.

Future Revenue

Income that a company expects to receive from its normal business activities in future periods.

Gross Profit

The difference between sales revenue and the cost of goods sold (COGS), indicating the basic profitability of a company's core business operations.