Share
Explore BrainMass

Probability

Probability: central tendency measures

You pay $6 to play a game where you will roll a die, with a payoff as follows: $8 for a 6, $7 for a 5, and $4 for any other result. What are your expected winnings? Is the game fair? Find the mean for: 105, 108, 110, 115, 106, 110, 104, 113, 117. Find the median and mode (or modes) for: 32, 35, 36, 44, 46, 46, 59.

Expected Value of Perfect Information..

A consulting firm has an option to bid on a contract that will yield $500,000 profit if it is awarded the contract. However, if the firm decides to bid on the contract and it is not awarded to the firm, it will incur a net loss of $125,000 due to the personnel cost involved in developing the contract proposal and profits lost fr

Practical uses of probability theory

What are some practical uses of probability theory ? Can you think of two examples in your work day or personal experiences ? There are two bags each containing red balls and blue balls. Bag A contains 1 red and 4 blue balls. Bag B contains 3 red and 13 blue balls. Lucky Louie says you should always choose Bag B i

Calculation of probability of an event.

Sixty percent of the employees in adepartment are women. One third of the women drive foreign cars. The rest drive domestic cars. Twenty five percent of the men in the department drive foreign cars. One person is randomly selected from the departmental files. Use this information to construct a probability table and (1) cal

Rolling die simulation

Use a worksheet to simulate the rolling of dice. Use the VLOOKUP function to select the outcome for each die. Place the number for the first die in column B and the number for the second die in column C. Show the sum in column D. Repeat the simulation for 1000 rolls of the dice. What is your simulation estimate of the probabilit

Probability

13.) The probability of a newborn baby being a girl is 0.49. If four babies are born in a hospital on one day, what is the probability that all four are girls?

Probability

12.) The following table shows the weather conditions each day for the last 100 days: Snowy Days Snowy Days Rainy Days Cloudy Days Sunny Days 5 20 40 35 Based on this data: a.) What is the probability that tomorrow will be snowy? b.) What is the probability that tomorrow will be rainy or cloudy? c.) What is the probab

Quantitative Methods: Decision Tables, Probability and Expected Value

Please see the attached file for the fully formatted problems. ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) There is a fixed cost of $50,000 to start a production process. Once the process has begun, the variable cost per unit is $25. The revenue per unit is projected to be $45. Write

Operation management

1.A sandwich shop near campus has a special counter, open from 11 to 1pm, which is used exclusively for selling pre-made sandwiches. The clerk can handle a customer in about one minute. Customers arrive at the rate of 40 per hour on average. How long in minutes does a customer have to wait? What is the average number of customer

Probability

1. What is the probability of getting at least 1 diamond in a 5-card hand dealt from a standard 52-card deck? 2. In a family with 3 children, excluding multiple births, what is the probability of having 2 boys and 1 girl, in any order? Assume that a boy is as likely as a girl at each birth. 3. A country park system rates its

Normal distribution :Probability and conditional probability

X~N(500,400) Determine the following Random Variable X a) P( X <= 515 ) b) P( X <= 515 | X > 450 ) (note: "|" implies given) c) P( 20 < X^(1/2) <= 25 ) ( i.e. 20 < "square root of X" < 25 ) please clearly state each step for each part. The attached file states the problem again.

Probability of Defective Resistors: DeMoivre-Laplace Theorem

A manufacturer of electronic equipment buys 900 resistors for which the probability of any single resistor being defective is p = 0.01. What is the probability that: (a) Exactly two of the resistors are bad ? (b) None of the resistors are bad ? (c) Exactly 9 of the resistors are bad ? (Use the DeMoivre-Laplace Theorem).

Probability

See file. thanks Each box of a certain brand of breakfast cereal contains a small charm, with k distinct charms forming a set...Show that the probability of finding at least one complete set of charms in random purchases...

Probability - A silver dollar is flipped twice, calculate the probability of each of the following occurring: A, a head on the first flip b, a tail on the second flip given that the first toss was head c, two tails d, tail on the first tail on the second e, tail on the first a head oon the second or a head on the first tail on the second f, at least one head n the two flips

A silver dollar is flipped twice, calculate the probability of each of the following occurring: A, a head on the first flip b, a tail on the second flip given that the first toss was head c, two tails d, tail on the first tail on the second e, tail on the first a head oon the second or a head on the first tail on the

Empirical rule

Scores on the GRE (graduate record examination) are normally distributed with a mean of 510 and a standard deviation of 148. Use the 68-95-99.7 rule to find the percentage of people taking the test who score between 66 and 954. The percentage of people taking the test who score between 66 and 954 is ___%

Roulette probability

One option in a roulette game is to bet $18 on red.There are 18 red compartments,18 black compartments,and 2 compartments neither red nor black.If the ball lands on red you get to keep the $18 you paid to play the game and you are awarded $18 if the ball lands elsewhere you are awarded nothing and the $18 you bet will be collect

Calculating Average Insurance Premium

See the attached file. This table shows claims and their probability for an insurance company. AMOUNT OF CLAIM PROBABILITY $0 0.65 $50,000 0.25 $100,000 0.06 $150,000

Patient Isolation Hospitals

See attachment for formatting 1. The ages of all the patients in the isolation ward of the hospital are 38, 26, 13, 41, and 22. What are the population mean, variance, and standard deviation? 2. The weights of a sample of seven FedEx shipments, to the nearest pound, are 10, 7, 11, 1

Probability - Randomly Selected Numbers

A state runs a lottery in which 6 numbers are randomly selected from 40, without replacement. A player chooses 6 numbers before the state's sample is selected. a. What is the probability that the 6 numbers chosen by the player match all 6 numbers in the state's sample? b. What is the probability that 5 of the 6 numbers chosen

Determining Probability - During the last hour, a telemarketer dialed 20 numbers and reached 4 busy signals, 3 answering machines, and 13 people. Use this information to determine the empirical probability that the next call will be answered in person. ...

1. During the last hour, a telemarketer dialed 20 numbers and reached 4 busy signals, 3 answering machines, and 13 people. Use this information to determine the empirical probability that the next call will be answered in person. 2. If you roll a die many times, what would you expect to be the relative frequency of rolling

Probability and data representation

#1.) If order of the draw were important in a lottery, what would be the effect on odds of winning, if any? Explain. #2.) Given 32 flavors of ice cream, how many arrangements are possible on a double scoop cone? How many on a triple scoop cone? What is the probability of getting a triple scoop of the same flavor? #3.)

Poisson Distribution: Example Problem

A glass manufacturer finds that one in every 1000 items produced is warped. What is the probability that in a random sample of 5000 glass items there will be a. No warped glass items? b. More than one warped glass items?

Probability and Statistics of Randomly Selected Numbers

Assume that adults have IQ scores that are normally distributed with a mean of 100 and a standard deviation of 15 ( as on the Wechsler test). Find the probability that a randomly selected adult has an IQ between 90 and 110 (referred to as the normal range).

Probability and Statisics -

Please show all steps using the formula : p1 +p2 + pn = 1 Find the probability distribution of the value x. mean variance and standard derivation. 1. two dice are rolled . x is the sum of numbers on the top faces. 2. five cards are randomly selected from a standard deck. x is the number of aces in the sample. 3.