Business Statistics: A Decision-Making Approach 8th Edition Chapter 6 Introduction to Continuous Probability Distributions 6-1 Chapter Goals After completing this chapter, you should be able to: Convert values from any normal distribution to a standardized z-score Find probabilities using a normal distribution table Apply the normal distribution to business problems Recognize when to apply the uniform and exponential distributions 6-2 Continuous Probability Distributions A continuous probability distribution differs from a discrete probability distribution in several ways. A continuous random variable can take on an infinite number of values. That is, the exact probability for a specific variable is always zero. As a result, a continuous probability distribution cannot be expressed in tabular form. Instead, an equation is used to describe a continuous probability distribution. 6-3 Probability Density Function The equation for describing a continuous probability distribution is called a probability density function and noted as “f(x).” Sometimes refer to as Density function pdf or PDF 1 ( x ) 2 / 2 2 f ( x) 2 e Excellent explanation about “probability density function” on the Khan academy website. 6-4 Probability Density Function Example The shaded area in the graph represents the probability that the random variable X is less than or equal to a. Cumulative probability Always to the left The probability that the random variable X is exactly equal to a would be zero. 6-5 Types of Continuous Distributions Three types Normal Uniform Exponential A B Involves determining the probability for a RANGE of values rather than 1 particular incident or outcome 6-6 The Normal Distribution ‘Bell Shaped’ Symmetrical Mean=Median=Mode Location is determined by the mean, μ Spread is determined by the standard deviation, σ f(x) σ x μ Mean Median Mode 6-7 Position and Shape of the Normal Curve 6-8 Many Normal Distributions By varying the parameters μ and σ, we obtain different normal distributions 6-9 Finding Normal Probabilities Probability is measured by the area under the curve f(x) P (a x b) a b x 6-10 Probability as Area Under the Curve The total area under the curve is 1.0, and the curve is symmetric, so half is above the mean, half is below f(x) P ( x μ ) 0 .5 0.5 P (μ x ) 0 .5 0.5 μ x P ( x ) 1 .0 6-11 The Standard Normal Distribution Also known as the “z” distribution Mean is defined to be 0 Standard Deviation is 1 f(z) 1 0 z Values above the mean have positive z-values Values below the mean have negative z-values 6-12 The Standard Normal Any normal distribution (with any mean and standard deviation combination) can be transformed into the standard normal distribution (z) Need to transform x units into z units Where x is any point of interest Can use the z value to determine probabilities 6-13 Translation to the Standard Normal Distribution Translate from x to the standard normal (the “z” distribution) by subtracting the mean of x and dividing by its standard deviation: x μ z σ z is the number of standard deviations units that x is away from the population mean 6-14 Example If x is distributed normally with mean of 100 and standard deviation of 50, the z value for x = 250 is x μ 250 100 z 3.0 σ 50 This says that x = 250 is three standard deviations (3 increments of 50 units) above the mean of 100. 6-15 Comparing x and z units μ = 100 σ = 50 100 0 250 3.0 x z Note that the distribution is the same, only the scale has changed. We can express the problem in original units (x) or in standardized units (z) 6-16 Why standardizing? To measure variable with different means and/or standard deviations on a single standardized scale. Example: Statistically, are below examples really or fundamentally different matters? SAT mean 1020 with standard deviation of 160. You scored 1260. What is your percentile? Average adult male height is 70 inches with standard deviation of 2 inches. You are 73 inches tall. What is your height percentile? 6-17 Z-scores for Two Problems x μ 1260 1020 z 1.5 σ 160 x μ 73 70 z 1.5 σ 2 Both are 1.5 Std Dev above the mean…. Solve this problem using Excel: •Download the Normal Dist. using Excel file from the class website and then select the first tab “Example 1”…. 6-18 The Standard Normal Table The Standard Normal Table gives the probability between the mean and a certain z value The z value ALWAYS refers to the area between some value (-z or +z) and the mean Since the distribution is symmetrical, the Standard Normal Table only displays probabilities for ½ of the full distribution 0.4772 Example: P(0 < z < 2.00) = 0.4772 0 2.00 z 6-19 The Standard Normal Table (continued) The column gives the value of z to the second decimal point z The row shows the value of z to the first decimal point 0.00 0.01 0.02 … 0.1 0.2 . . . 2.0 .4772 P(0 < z < 2.00)2.0 = 0.4772 The value within the table gives the probability from z = 0 up to the desired z value 6-20 General Procedure for Finding Probabilities 1. Determine and 2. Define the event of interest e.g., P(x > x1) 3. Convert to standard normal x μ z σ 4. Use the table to find the probability 6-21 z Table Example Suppose x is normal with mean 8.0 and standard deviation 5.0. Find P(8 < x < 8.6) Calculate z-values: x μ 88 z 0 σ 5 x μ 8.6 8 z 0.12 σ 5 8 8.6 x 0 0.12 Z P(8 < x < 8.6) = P(0 < z < 0.12) 6-22 z Table Example (continued) Suppose x is normal with mean 8.0 and standard deviation 5.0. Find P(8 < x < 8.6) =8 =5 8 8.6 P(8 < x < 8.6) =0 =1 x 0 0.12 z P(0 < z < 0.12) 6-23 Solution: Finding P(0 < z < 0.12) Standard Normal Probability Table (Portion) z .00 .01 P(8 < x < 8.6) = P(0 < z < 0.12) .02 0.0478 0.0 .0000 .0040 .0080 0.1 .0398 .0438 .0478 0.2 .0793 .0832 .0871 Z 0.3 .1179 .1217 .1255 0.00 0.12 6-24 Finding Normal Probabilities Suppose x is normal with mean 8.0 and standard deviation 5.0. Now Find P(x < 8.6) The probability of obtaining a value less than 8.6 P = 0.5 Z 8.0 8.6 6-25 Finding Normal Probabilities (continued) Suppose x is normal with mean 8.0 and standard deviation 5.0. Now Find P(x < 8.6) P(x < 8.6) 0.0478 0.5000 = P(z < 0.12) = P(z < 0) + P(0 < z < 0.12) = 0.5000 + 0.0478 = 0.5478 Z 0.00 0.12 6-26 Upper Tail Probabilities Suppose x is normal with mean 8.0 and standard deviation 5.0. Now Find P(x > 8.6) Z 8.0 8.6 6-27 Upper Tail Probabilities (continued) Now Find P(x > 8.6)… P(x > 8.6) = P(z > 0.12) = P(z > 0) - P(0 < z < 0.12) = 0.5000 - 0.0478 = 0.4522 0.5000 Z 0 0.12 0.0478 0.4522 Z 0 0.12 6-28 Lower Tail Probabilities Suppose x is normal with mean 8.0 and standard deviation 5.0. Now Find P(7.4 < x < 8) Z 8.0 7.4 6-29 Lower Tail Probabilities (continued) Now Find P(7.4 < x < 8)…the probability between 7.4 and the mean of 8 The Normal distribution is symmetric, so we use the same table even if z-values are negative: 0.0478 P(7.4 < x < 8) = P(-0.12 < z < 0) Z = 0.0478 8.0 7.4 6-30 Excel Functions NORMDIST(x, mean, standard_dev, cumulative) NORMSDIST(z) NORMINV(probability, mean, standard_dev) NORMSINV(probability) STANDARDIZE(x, mean, standard_dev) 6-31 Formula Table We have X We want X Z p z Z p X=μ+zσ Norminv(p,μ,σ) x Normsinv(p) z standardiz e( x, , ) Normdist(x,μ,σ,1) Normsdist(z) 6-32 Excel Functions NORMDIST(x, mean, standard_dev, cumulative) Find the probability that a number falls at or below a given value of a normal distribution x -- The value you want to test. mean -- The average value of the distribution. standard_dev -- The standard deviation of the distribution. cumulative -- If FALSE or zero, returns the probability that x will occur; if TRUE or non-zero, returns the probability that the value will be less than or equal to x. 6-33 Excel Functions The distribution of heights of American women aged 18 to 24 is normally distributed with a mean of 65.5 inches (166.37 cm) and a standard deviation of 2.5 inches (6.35 cm). What percentage of these women is taller than 68 inches (172.72 cm)? NORMDIST(68, 65.5, 2.5, TRUE) = 84.13%: cumulative probability (to the left on the normal curve) Thus, 1- 84.13% = 15.87% 6-34 Excel Functions NORMSDIST(z) Translate the number of standard deviations (z) into cumulative probabilities z -- The value for which you want the distribution. NORMSDIST(1) = 84.13% 6-35 Excel Functions NORMINV(probability, mean, standard_dev) Calculate the x variable given a probability How tall would a woman need to be if she wanted to be among the tallest 75% of American women (find 25% shorter instead as the figure shows)? NORMINV(0.25, 65.5, 2.5) = 63.81 inches 6-36 Excel Functions NORMSINV(probability) Given the probability that a variable is within a certain distance of the mean, it finds the z value Find the z values that mark the boundary that is 25% less than the mean and 25% (75%) more than the mean. NORMSINV(0.25) = - 0.674 NORMSINV(0.75) = 0.674 6-37 “STANDARDIZE” Excel Function STANDARDIZE(x, mean, standard_dev) Find the z value for a specified value, mean, and standard deviation. From the previous example, we found that a woman would need to be at least 63.81 inches tall to avoid the bottom 25% of the population, by height. The STANDARDIZE function tells us that the z value for 63.81 inches is: STANDARDIZE(63.81, 65.5, 2.5) = -0.6745 We can check this number by using the NORM.S.DIST function: NORMSDIST(-0.6745) = 25% That is, a z value of -.6745 has a probability of 25%. 6-38 Normal Probabilities in PHStat We can use Excel and PHStat to quickly generate probabilities for any normal distribution We will find P(8 < x < 8.6) when x is normally distributed with mean 8 and standard deviation 5 6-39 PHStat Dialogue Box Select desired options and enter values 6-40 PHStat Output 6-41 Empirical Rules What can we say about the distribution of values around the mean if the distribution is normal? f(x) μ ± 1σ covers about 68% of x’s σ σ Recall Tchebyshev from Chpt. 3 μ1σ μ μ+1σ x 68.26% 6-42 The Empirical Rule (continued) μ ± 2σ covers about 95% of x’s μ ± 3σ covers about 99.7% of x’s 2σ 3σ 2σ μ 95.44% x 3σ μ x 99.72% 6-43 Practice Exercise 6-2 6-5 6-8 6-14 6-18 6-44 The Uniform Distribution The uniform distribution is a probability distribution that has equal probabilities for all possible outcomes of the random variable Referred to as the distribution of “little information” Probability is the same for ANY interval of the same width Useful when you have limited information about how the data “behaves” (e.g., is it skewed left?) 6-45 The Uniform Distribution (continued) The Continuous Uniform Distribution: f(x) = 1 ba if a x b 0 otherwise where f(x) = value of the density function at any x value a = lower limit of the interval of interest b = upper limit of the interval of interest 6-46 The Mean and Standard Deviation for the Uniform Distribution The mean (expected value) is: a+b E(x) μ 2 The standard deviation is (b a)2 σ 12 where a = lower limit of the interval from a to b b = upper limit of the interval from a to b 6-47 Example Exercise 6-38 If buses stop every 20 minutes then the time you will have to wait can be described by a uniform distribution with a = 0 and b = 20. To find the probability that you will have to wait for 10 minutes or more f(x) = 1/20-0 = 0.05 P(x > 10) = 1-P(x < 10) = 1 - 0.05(10-0) = 0.50. P(x < 6) = 0.05(6-0) = 0.30 P (8 < x < 15) = 0.05(15-8) = 0.35. Try exercise 6-40 6-48 Steps for Using the Uniform Distribution 1. Define the density function 2. Define the event of interest 3. Calculate the required probability f(x) x 6-49 Uniform Distribution Example: Uniform Probability Distribution Over the range 2 ≤ x ≤ 6: 1 f(x) = 6 - 2 = .25 for 2 ≤ x ≤ 6 f(x) .25 2 6 x 6-50 Uniform Distribution Example: Uniform Probability Distribution Over the range 2 ≤ x ≤ 6: 2+6 E(x) μ 4 2 (b a) (6 2) σ 1.1547 12 12 2 2 6-51 The Exponential Distribution Used to measure the time that elapses between two occurrences of an event (the time between arrivals) Examples: Time between trucks arriving at a dock Time between transactions at an ATM Machine Time between phone calls to the main operator Recall l = mean for Poisson (see Chpt. 5) 6-52 The Exponential Distribution The probability that an arrival time is equal to or less than some specified time a is P(0 x a) 1 e λa where 1/l is the mean time between events and e = 2.7183 NOTE: If the number of occurrences per time period is Poisson with mean l, then the time between occurrences is exponential with mean time 1/ l and the standard deviation also is 1/l 6-53 Exponential Distribution (continued) Shape of the exponential distribution f(x) l = 3.0 (mean = .333) l = 1.0 (mean = 1.0) l= 0.5 (mean = 2.0) x 6-54 Example Example: Customers arrive at the claims counter at the rate of 15 per hour (Poisson distributed). What is the probability that the arrival time between consecutive customers is less than five minutes? Time between arrivals is exponentially distributed with mean time between arrivals of 4 minutes (15 per 60 minutes, on average) 1/l = 4.0, so l = .25 P(x < 5) = 1 - e-la = 1 – e-(.25)(5) = 0.7135 There is a 71.35% chance that the arrival time between consecutive customers is less than 5 minutes 6-55 Using PHStat 6-56 Chapter Summary Reviewed key continuous distributions normal uniform exponential Found probabilities using formulas and tables Recognized when to apply different distributions Applied distributions to decision problems 6-57 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. 6-58 Example 1 An average light bulb manufactured by the Acme Corporation lasts 300 days with a standard deviation of 50 days. Assuming that bulb life is normally distributed, what is the probability that an Acme light bulb will last at most 365 days? 6-59 Example 2 Suppose scores on an IQ test are normally distributed. If the test has a mean of 100 and a standard deviation of 10, what is the probability that a person who takes the test will score between 90 and 110? 6-60 Example 3 Molly earned a score of 940 on a national achievement test. The mean test score was 850 with a standard deviation of 100. What proportion of students had a higher score than Molly? (Assume that test scores are normally distributed.) 6-61