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Change a distribution of bin outcomes into poisson representing profitability

Aug 4, 2017 3:58 AM
(2405 views)

Hi folks, I apologise for my level of unfamiliarity. I'm diving through the manuals trying to discover the tools I need, and I'm positive what I'm trying to do must be easy. But I'm just new and struggling a little bit.

I have here some data representing different bin classes of a manufacturing process, a metric scoring the value of each outcome. In this particular process each bin class has equal probability of occurring.

What I want to do is turn this into a 2nd order distribution representing the likely value of a larger run. Say, I want to take 10 results from the list using simple random sampling with replacement. Now, I will sum all the chosen results. Call this distribution G{k}, the profitability for a run of k units.

How do I turn my first order distribution into this second order distribution using jmp? I'm a bit lost in all the documentation. Like I said I'm happy to read, so if you point me to a tool within JMP or some function in the macro language I'll be able to hunt it down in the manuals.

Thanks for any guidance!

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Re: Change a distribution of bin outcomes into poisson representing profitability

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Re: Change a distribution of bin outcomes into poisson representing profitability

@pauldeen wrote:

I want to see visually a cumulative distribution graph for a run of k product, to determine how large runs must become before we can count on profitability more than ~90% of the time. I will vary k until 90% or more of outcomes yield more value than their input cost.

I expect to need k around 10 but it would be better to develop some evidence rather than operating on a guess.

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Re: Change a distribution of bin outcomes into poisson representing profitability

I think what you will need is to use the Resample Freq() function.

Resample Freq Generates a random selection with replacement frequency counts, suitable for use in bootstrapping. For example, it supports a second Freq Column argument, enabling it to do bootstrap samples relating to a pre-existing frequency column specified in the second argument. Resample Freq() generates a 100% resample. ResampleFreq(rate) generates a rate frequency sample. Resample(rate, column) generates a sample that is calculated by the rate multiplied by the sum of the specified column.

You can find an example in the Scripting Index

Help==>Scripting Indes

Jim

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Re: Change a distribution of bin outcomes into poisson representing profitability

Thank you so much for the answer. I recall this term bootstrap simulation from statistics class, and I think it'll turn out to be what I need. My memory is a bit fuzzy. I'm going to have to use this toolset more so that I become more familiar.

Anyway I'll go get to reading and let you know how it turned out!

Thanks,