A company wants to evaluate its attrition rate, in other words, how long new hires with the company. Over the years, they have established the following probability distribution. Let X = the number of years a new hire will stay with the company.
Let P(x) = the probability that a new hire will stay with the company x years.
1. Complete Table using the data provided.
x p(x)
0 0.12
1 0.18
2 0.30
3 0.15
4
5 0.10
6 0.05
2. P(x = 4) =
3. P(x ≥5) =
4. On average, how long would you expect a new hire to stay with the company?