Question

Use Excel: A financial consultant has an average of seven customers he consults with each​ day; assume a Poisson distribution. The​ consultant's overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least​ five? Use a seed of 3.

According to the​ simulation, the consultant will meet his target _______% of the time.

​(Round to the nearest whole number as​ needed.)

Answer 1

Here the poisson distribution has parameter = = 7

GO to excel data analysis tab then random generation tab

Now here is the results

Results
7
5
5
8
11
7
6
7
6
9
9
7
7
8
8
12
5
6
4
5
9
7
3
7
5
6
8
5
8
9
7
9
9
10
14
8
6
6
5
6
12
11
6
7
5
10
8
8
6
5
6
5
7
6
7
10
7
1
3
7
8
8
5
7
10
4
8
10
8
9
5
7
2
3
12
8
6
9
5
6
3
13
2
8
7
8
7
4
7
2
6
6
2
3
5
7
7
7
1
8

Here the target of the customers is to get atleast 5.

so out of 100, total number of times he get atleast 5 = 85  

so, According to the​ simulation, the consultant will meet his target 85% of the time.