Probability: Historic Probability and Expected Value
Leaders of a local club want to focus on recruiting and looked through their recruiting and membership paperwork. They realized that over the past 30 years of annual open-house events, they spoke to four people who were interested enough in joining to take an application packet home. The historical probability P(X) that the interested prospective members would join is below.
0 join: 0.1
1 join: 0.2
2 join: 0.4
3 join: 0.2
4 join: 0.1
When they hold an open house this year, how many members (what is the expected value) should they anticipate joining?
Explain your approach to determining the number of expected new members in a three-page response. Be sure to research sources to support your ideas, and integrate your sources using APA-formatted citations and matching reference lists.© SolutionLibrary Inc. solutionlibary.com September 28, 2020, 8:38 am 9836dcf9d7 https://solutionlibrary.com/business/business-math/probability-historic-probability-and-expected-value-j7ve