If we have waited 7 mins for elevator, then prob of waiting 2 more mins is same ... Once we decide to wait for elevator, we never give up. SM239 - Fall 2006, Ch4, Exp ...
Poisson counts the number of events in a time period. Not Success/Failure. Not trials ... Time period has decimal places. Turns out to be very important. SM239 ...
Finds where fn(x)=value, given that the answer is between LO and HI ... For unbounded RV (Poisson, erlang, normal), use large values for HI or small values for LO ...
Can also use 'shortcut' method with norminv. Draw the picture! SM339 Two sample. 10 ... Using shortcut method. Crit=norminv(.01,17,3.8/sqrt(5)) Using bisect ...