Business: Discrete and Continuous Probability. Thesis

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In order to efficiently predict customer levels based on frequency, "data on customer arrivals must be collected and a statistical test conducted to see whether an assumption of a Poisson distribution for arrivals is reasonable," (Anderson 2008:472). Business such as liquor marts can use such a process to determine if customer frequency is sufficient enough for them to stay open later. For instance, if a store of such nature where to collect data for customer arrival after 2 am in a one week span, they can then use that number to make a strong prediction whether it is worth staying open based on the cost of operation during that debatable time period. Thus, it is clear that frequency can become useful in business predictions in certain occasions.

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Hypergeometric distribution can also be used to compile viable business predictions. Unlike the binomial distribution, hypergeometric distribution provides its analysis without the allowance for replacement variable. Thus, without the availability of replacements, there is a limited pool of variables in which to use within the context of the analysis. This makes the combinations within observations the most important element in prediction analysis. According to the research, the hypergeometric distribution "formula computes all the possible ways of getting x successes from the A successes available and n -- x failures from the N -- A available failures in the population," (Black 2009:166). Therefore, when dealing with multiple variables, more efficient analysis of combinations can help predict business situations......

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