Purchase Solution

Decision making

Not what you're looking for?

Ask Custom Question

The new Lucky Lady Casino wants to increase revenue by providing buses that can transport gamblers from other cities. Research shows that these gamblers tend to be older, they tend to play slot machines only, and they have losses with a mean of $182 and a standard deviation of $105. The buses carry 35 gamblers per trip. The casino gives each bus passenger $50 worth of vouchers that can be converted to cash, so the casino needs to recover that cost in order to make a profit. Find the probability that if a bus is filled with 35 passengers, the mean amount lost by a passenger will exceed $50. Based on the result, does the casino gamble when it provides such buses?

Purchase this Solution
Solution Summary

The expected values are calculated and decisions are made.

Solution Preview

The new Lucky Lady Casino wants to increase revenue by providing buses that can transport gamblers from other cities. Research shows that these gamblers tend to be older, they tend to play slot machines only, and they have losses with a mean of $182 and a standard deviation of $105. The buses carry 35 gamblers per trip. The casino gives each bus passenger $50 worth of vouchers that can be converted to cash, so the casino needs to recover that cost ...

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

View More Free Quizzes
Related BrainMass Solutions

  • Decision Making

    //Above is the discussion of Managerial Decision Making and Strategic Decision Making.

  • Rational and Carnegie Decision Making

    Carnegie Running Head: DECISION MAKING MODELS Decision Making Models Rational Decision Making Model Rational decision making is important for an individual, as well as, an organization.

  • The differences between individual and group decision-making

    593201 The differences between individual and group decision-making Conduct an internet search for information on individual versus group decision making. Then, compare and contrast individual and group decision-making.

  • decision making style

    leadership/management www.strategicmarketsegmentation.com/5-decision-making-styles/ www.decision-making-confidence.com/decision-making-style-and-examples.html www.decision-making-confidence.com/authoritative-decision-making.htm www.leadershipmanagement.com

  • Decision Making: Individual Vs. Group

    573050 Decision Making: Individual Vs. Group Compare and contrast individual and group decision-making. What are the advantages and disadvantages of each? Are there certain decisions that are better suited to individual decision-making?

  • Perception in Decision Making

    Perception during decision making can be distorted by wishful thinking. Further, the use of perception is decision making is also influenced by the decision making style of the person.

  • eastern philosophy in your everyday decision-making

    What are some ways you can incorporate eastern philosophy in your everyday decision-making? One of the ways n which you can incorporate eastern philosophy into every day decision making is to meditate before making an important decision.

  • Decision making factors

    Introduction to Decision Making.

  • Counseling Psychology's view of decision making styles

    216155 Counseling Psychology's view of decision making styles Can you briefly describe three styles of decision-making ( chosen from the mentioned decision- making styles below ).

  • GROUP DECISION MAKING

    Difference between group decision making and individual decision making The group decision making process is different from the individual decision making process in many ways.

View More Related Solutions