1 answer

Past records indicate that the probability of online retail orders that turn out to be fraudulent...

Question:

Past records indicate that the probability of online retail orders that turn out to be fraudulent is 0.05. Suppose that, on a
Past records indicate that the probability of online retail orders that turn out to be fraudulent is 0.05. Suppose that, on a given day, 19 online retail orders are placed. Assume that the number of online retail orders that turn out to be fraudulent is distributed as a binomial random variable. Complete parts (a) through (d) below a. What are the mean and standard deviation of the number of online retail orders that turn out to be fraudulent? The mean number of online retail orders that tun out to be fraudulent is (Type an integer or a decimal. Round to four decimal places as needed.)

Answers

For a Binomial Random Variable mean and standard deviation is given by-

Mean, u np

Standard deviation, o Vnp(1- p)

where, n: independent trials and p: probability of success

Given: n 19, p 0.05

Lnp 19(0.05) = 0.95)

So, the mean number of online retail orders that turns out to be fraudulent is 0.95

= Vnp(1 - p) =19 * 0.05 (1 - 0.05) V0.95 * 0.95 0.95

So, the standard deviation is calculated as 0,95

.

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