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Chapter 4: Q.4 (page 282)

On average, how long would you expect a new hire to stay with the company?

Short Answer

Expert verified

The new worker should anticipate to stay with the organization for at least2.43 year.

Step by step solution

01

Given Information

A business needs to know how long new hires stay with the organization. They've developed the following probability distribution throughout the years.

02

Concept Used:

Let's define X the number of years a new recruit will stay with the company P(X) and the likelihood that a new hire will stay with the companyX years.

Using the expectation of discrete distribution formula, we can determine the average value as:

E(X)=∑X×P(X)

03

Calculation

Using the expectation of discrete distribution formula, we can determine the average value as:

04

Conclusion:

As a result, the new worker should anticipate to stay with the organization for at least2.43 year.

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