Stochastic processes #1
Two researchers each model the number of customers entering a grocery store during an hour's time using Binomial counting process. It has been observed that there are an average of 36 customers per hour. Researcher A uses frames of 1 second in length, whereas researcher B uses frames of 1 minute in length.
(a) Find the probability of an arrival during a frame for both A and B
(b) Give the means and standard deviations for the number of customers arriving in an hour for the two frame lengths in (a).
(c) Researcher A points out that 1 minute is too long a time for a frame because more than 1 customer can arrive in that time. Nevertheless, researcher B goes ahead with a simulation using 1-minute frames. In what way will B's simulation give an incorrect picture of the arrival of customers at the store?
It seems to me that there aren't any Stochastic wizards on this forum. I am taking a course in it now, and easy as it seems, it can be rather elusive.
He's probably right. I barely even know what stochastic means. Someone like Moo or Laurent or CB may be able to help you. If you can't get help here I suggest asking over on the mathlinks forum.
Originally Posted by Anonymous1
Nah, I'm just a beginner at it...
Originally Posted by Drexel28
Stochastic means that it's related to randomness.