Other >> Sales & RetailApplication of Discrete Random Variables to Real Life Problemsby JoAnne Burgess
Submitted : Spring 2017 This project demonstrates one way in which discrete random variables can be used in real life application. Because part of finding the solution to a discrete random variable problem is finding the probability density function then it is applicable to this set of variables. Using total transactions for 4 different weeks from my employer, I was able to demonstrate a way in which this information can show the probability of a number of transactions taking place each week. The total number of transactions over the 4 weeks is used as an average outside of busier months like November or December or outside of sale events. This could prove useful in determining the number of products needing to be ordered month to month, how often to restock supplies or how much staff is needed to make sure that the store can handle the amount of foot traffic coming through the doors each week.
