From the course: Learning Excel: Data Analysis
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Use the exponential distribution - Microsoft Excel Tutorial
From the course: Learning Excel: Data Analysis
Use the exponential distribution
- [Instructor] One of the most important pieces of information you can learn about your business operations is how long it takes to perform a specific task. For example, if you repair phone screens, you might find that the average time to repair is five minutes. You can use the exponential distribution using that average of five, denoted here by LAMBDA, as part of the exponential distribution to determine the probability of a specific time. This is what the graph looks like, and it may seem odd that the average time of five only occurs about 7% of the time. And the reason that's the case is because there is the possibility of long times, for example, 20 or 25 minutes. However, those long duration repairs are offset by the much higher probability of having a repair taking one, two, three, four, or five minutes. To see how this works in Excel, I will switch over to our sample workbook. I have opened our Excel sample file and that is 04_03_Exponential. You can find that in the Chapter 4…
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Contents
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Use the normal distribution7m 17s
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(Locked)
Use a uniform distribution6m 21s
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(Locked)
Use the exponential distribution4m 44s
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(Locked)
Use the Poisson distribution4m 43s
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(Locked)
Use the binomial distribution5m 14s
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(Locked)
Challenge: Model operational data using distributions1m 50s
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(Locked)
Solution: Model operational data using distributions9m 9s
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