week-3-response-1-statistics

I need to respond to this is APA format and 300-400 words

  1. Compute the probability that a home in Township 3 has a pool

A. First you must count how many homes in township 3.

B. Next you have to count how many pools in township 3

Next you want to divide the probability in excel

  1. 25
  2. 18
  3. Next you want to put the formula in = COUNTIF(D37:D61,F13) remember to put criteria as F37 so it will count township 3 only. You should get 25
  4. In order to get the how many township 3 homes have pools you must put in formula COUNTIF(D37:D61,F13) make sure to only do pools in the d37 to d61 range.
  5. Once you have that divide 18/105 which you 17% make sure to hit the percent button.
  1. Then compute the probability that a home is in Township 3 and has a pool (compare to all homes in the sample).
  1. You want to divide 25/105 = 0.238 percent is 23.810%
  2. Next you want to add up all the house with pools 67/105= 0.638 percent is 63.810%
  3. Next multiply the both percent’s to get the total

0.238*0.638= 0.1518 x0.1714 = 0.02601852

3. The realtor in this situation really won’t see much of a differences because it’s only a couple of points. I could be wrong but it looks like it would be best to sell houses with pools because 67 percent of the homes have pool.

One probability that I use from time to time is car insurances. When I shop for auto insurance I look at the best package for accidents. My wife is not the best driver so I have to choose policies based on who has better collusion insurance. Probability models can help given reliable real life testing situations. According to Barlow and Proschan number of new classes of life distributions arising naturally in reliability models are treated systematically: the increasing failure rate average, new better than used, decreasing mean residual life, and other classes of distributions (Barlow,Richard E ; Proschan,Frank, 1975).

If anyone has any questions on how I did my formulas in excel feel free to ask.

References

Barlow,Richard E ; Proschan,Frank. (1975). Statistical Theory of Reliability and Life Testing: Probability Models,. Defense technical Information Center .

 
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