14 Aug Stats help
How many times have you heard at the airport : "The plane is overbooked"
To the average person this sounds ridiculous. Why would they sell more
tickets than seats on the plane? The answer to this business practice
lies within a binomial experiment exhibited by the following fictitious
problem:
An airline sells 15 tickets for a small plane with 12
seats. Overbooking is a common practice at this airline since only 80%
of passengers that book and pay for a flight usually show up. Even
though tickets are non-refundable, the airline wants to make more money.
N = number of tickets sold
p = probability a passenger shows up
q = probability a passenger does not show up.
FIVE Part Posting Assignment
Part 1: Fill in the Blanks
N = _____, p = _____, q = _____
Part 2: Find the probability exactly 12 passengers show up
(Must show work and/or calculator function and numbers used for your answer)
Part 3: Find the probability more than 12 passengers show up
(Must show work and/or calculator function and numbers used for your answer)
Part 4: Find the probability less than 12 passengers show up
(Must show work and/or calculator function and numbers used for your answer)
Part 5: Using your statistical and numerical findings above, write a statement (small letter) to the President of the Airline Company with your statistical recommendation for continuing, discontinuing, or changing their overbooking policy. give reason for your recommendation. Be clear. Your statement should also include other considerations to take into account that may need further study.
OTHER INFORMATION
(Work Hint: I am looking for calculations and work such as the calculations presented in the video link for section 4.2 in the Instructor Comments. Instead of "oatmeal raisin cookies", you will do some calculations relating to this airlines example).
PLEASE SHOW WORK!!!!!
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