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Extra info for Decision Modeling Using Excel, Course Notes, Spring
If trials is non-integer or less than one, or probability_s is less than zero or more than one. Returns #VALUE! if an argument is a defined name of a cell and the cell is blank or contains text. RANDBINOMIAL Example A salesperson makes ten unsolicited calls per day, where the probability of making a sale on each call is 30 percent. 3) RANDBINOMIAL Related Function FASTBINOMIAL: Same as RANDBINOMIAL without any error checking of the arguments. CRITBINOM(trials,probability_s,RAND()): Excel's inverse of the cumulative binomial, or CRITBINOM(trials,probability_s,RANDUNIFORM(0,1)) to use the RiskSim Seed feature.
5. RANDPOISSON Related Functions FASTPOISSON: Same as RANDPOISSON without any error checking of the arguments. RANDEXPONENTIAL: Describes time between occurrences for a Poisson process. 39 RandTriangular Returns a random value from a triangular probability density function. This function can model an uncertain quantity where the most likely value (mode) has the largest probability of occurrence, the minimum and maximum possible values have essentially zero probability of occurrence, and the probability density function is linear between the minimum and the mode and between the mode and the maximum.
P(X<=x) is the most common type. Figure 2 is the cumulative probability function corresponding to the uniform density function shown in Figure 1. What is the probability that sales will be between 3,500 and 4,000 units? 125 Mathematical observation: The uniform density function is a constant; the corresponding cumulative function (the integral of the constant function) is linear. Case B: Ramp Density The number of units of a new product that will be sold is an uncertain quantity. What is the minimum quantity?