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Probability

Operations Research

Seneca Hill Winery recently purchased land for the purpose of establishing a new vineyard. Management is considering two varieties of white grapes for the new vineyard: Chardonnay and Riesling. The Chardonnay grapes would be used to produce a dry Chardonnay wine, and the Riesling grapes would be used to produce a semi-dry Riesli

Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company's new fleet of jet aircraft and a discount service using smaller capacity commuter planes. a. If nothing is known about the probabilities of the chance outcomes, determine the recommended decision using the optimistic, conservative, and minimax regret approaches.

Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company's new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle

Probabilities, Confidence Intervals and Binomial Random Variables

8.50 Refer to Exercise 8.25, vhere we reported on the results of Harris polls conducted in 1983 and 1992. The 1992 results summarized the responses of n ? 1251 individuals, whereas we assumed that the results for the 1983 poll involved n = 1250 respondents. The data are summarized in the accompanying table for your convenience.

Description of Probabilities

A survey of MBA students obtained the following data on "student's first reason for application to the school in which they matriculated". Reason for Application Quality Cost Other Totals Full time 421 393 76 890 Part time 821 986 122 1929 Letting A be the event that a student

Probabilities

A survey of MBA students obtained the following data on "student's first reason for application to the school in which they matriculated". Reason for Application Quality Cost Other Totals Full time 421 393 76 890 Part time 821 986 122 1929 I need to show if a st

Probability and Events

1. The following table, based on the data from the Centers for Disease Control, gives the number of new cases of the AIDS virus for men and women in the United States in 1998 by method of transmission. Method of Transmission Male Female Total Homosexual contact 8388

Statistics : Sampling Distributions and Probabilities

Americans have become increasingly concerned about the rising cost of Medicare. In 1990, the average annual Medicare spending per enrollee was $3267; in 2003, the average annual Medicare spending per enrollee was $6883 (Money, Fall 2003). Suppose you hired a consulting firm to take a sample of fifty 2003 Medicare enrollees to fu

Statistics

Fifty percent of Americans believed the country was in a recession, even though technically had not shown two straight quarters of negative growth (Business Week, July 30, 2001). For a sample of 20 Americans, make the following calculations. a. Determine the probability that exactly 12 people believed the country was in a re

Probability problem

3. A production line manufactures 1000 ohms resistors that must satisfy a 10% tolerance. a. If a resistance is adequately described by a Gaussian random variable for which mean = 1000; and standard deviation = 40;, what fraction of the resistance expected to be rejected? b. If a machine is not properly adjusted, the produc

Statistics

In an article about investment growth, Money magazine reported that drug stocks show powerful long-term trends and offer investors unparalleled potential for strong and steady gains. The federal Health Care Financing Administration supports this conclusion through its forecast that annual prescription drug expenditures will reac

Quantitative Methods

Hello Brainmass: Please answer the attached 60 Quantitative methods questions (some are t or f, some are multiple choice). This would be a great study guide for me.

Statistics

The U.S. Bureau of Labor Statistics collected data on the occupations of workers 25 to 64 years old. The following table shows the number of male and female workers (in millions) in each occupation category (Statistical Abstract of the United States: 2002) (see chart in the attached file) a. Develop a joint probability tab

Binomial Distributions and Z-Scores

1. A door to door salesperson believes that the probability of making a sale when a person is at home is 0.4 he visits 10 homes. When someone is at home find the probability of making a) exactly 7 sales b) more than 7 sales 2.For a binomial distribution with an n=200 and p=0.3 calculate the probability of obtaining between 50

Probability Theory

Indicate whether the sentence or statement is true or false. T 1. Deterministic techniques assume that no uncertainty exists in model parameters. F 2. The probabilities of mutually exclusive events sum to zero. T 3. A joint probability is the probability that two or more events that are not mutually exclusiv

Joint Probability

F(x,y) = kxy over triangular region 0 < y <2X and 0 < x <3 I need to find K which I typical know how to do, set the double integeral of both the X and Y limits of the function equal to one and solve for K. However in this problem what do I do with 2X in my upper y limit, can I plug in the max x value and just make it 0 < y

Joint and Marginal Probability Distributions

Person takes bus & subway to work. Bus runs every 20 min (X) & subway every 4 min (Y). Assume timing of the bus and subway are independet and uniform. ------------------ I need to find the joint and marginal distribtions for this problem. Since they are independent I know that f(x,y) = fx(x) * fy(y) but do not understand how

Simple Probability, Sample Spaces, Events

A couple has three children, assume the likelihood of a boy is the same as a girl: List sample space: {BBB,BBG,BGG,GGG} Event the children are grils: {GGG} Event the couple has one or more boy: {BBB,BBG,BGG} Probability all children are girls: 1/4 Probability the couple has at least one boy: 3/4 Probability the couple ha

Probability; Eliminate the paramter to find a cartesian equation of the curve; Sketch the curve and indicate with an arrow the direction in which the curve is traced as the parameter increases

1) The manager of a fast food restaurant determines that the average time that her customers wait for service is 2.5 minutes. a) Find the probability that a customer has to wait for more than 4 mintues. b) Find the probability that a customer is served within the first 2 minutes. Now, this was all worked out, but some ste

Probability & Statistics : Mean, Median and Histograms

9. The price-to-earnings (PE) ratio of a stock is the ratio of a stock's most recent price per share to the stock's earnings per share (averaged over a 12-month period). Listed below are the PE ratios for 40 randomly selected securities traded on the New York Stock Exchange (NYSE) on Wednesday, August 24, 2005. Stock PE R

Combinations and Subsets : Probabilities

A committee consists of 8 married couples. In how many ways can a subcommitee of 5 people be chosen so that at most one married couple belongs to the subcommittee?

Process Flow Time - Queueing Problem and Critical Assumptions

Fort Lost-in-the-Woods is a basic training center for new Army recruits. Upon arriving at the military post the new recruits are processed through the Induction Center that involves three steps: background information gathering, medical examination, and barracks assignment. Arriving inductees first enter the Center's Background