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Probability

Probability: Demand for a Product

The demand for a product is estimated to be normally distributed with u=200 and o=40. Let x be the number of units demanded and find the following probabilities. a. P(180< x <220) b. P(x > 250) c. P(x < 100) d. P(225 < x < 250)

Probability

The probability of a coat having a defect is 1/3. What is the probability of there being 15 defective coats in a batch?

Probability, Profit / Loss and Expected Values

A coats manufacturer knows that there is a probability of 1/3 of their coats having defects that will prevent a retailer from selling the coat. The cost of manufacturing the coats is $60 per coat. To persuade retailers to buy from them, they make the following offer: ? A sample of five coats is to be taken, at random, from e

Sets, Complements and Probability

1. Set x= (5,7,11,13,16,19) Set y= (1,2,5,13,19) a. what is the union of sets x and y b. what is the intersection of sets x and y c. create your own set z that is a subset of x 2.Let set 1 be the entire alphabet. let set 2 = (w,x,y,z) a. what is the complement of set 2 in set 1 b. set 3 =(w,x,z). is set 3 a proper subs

Quantitative Methods and Decsion Making : Expected Values and Expected Utility

You have received your MBA from Trinity University and been hired by Deutsche Bank as the Executive Vice President of Finance. You negotiated a hefty salary and received a signing bonus, so you are relied upon heavily to make decisions using quantitative methods. Today, you are faced with three investment alternatives with the

Expected Value

Decision analysis with sample information/expected value/utility analysis/quantitative methodsProblem:A television network has been receiving low ratings for its programs. Currently, management is considering two alternatives for the Monday night 8:00 pm-9 pm time slot: a western with a well-known star...(there is more). The tel

Payoff Problem/Expected Value Decision Alternatives

A Las Vegas roulette wheel had 38 different numerical values. If an individual bets on one number and wins, the payoff is 35 to 1. the pay off table for a 10 dollar bet on one number for decision alternatives of bet and do not bet is shown in this payoff table win loose bet 350

Conditional Probability

1.4-13 Tn the gambling game "craps" a pair of dice is rolled and the outcome of the experiment is the sum of the points on the up-sides of the six-sided dice. The bettor wins on the first roll if the sum is 7 or 11. The bettor loses on the first roll if the sum is 2, 3, or 12. If the sum is 4, 5, 6, 8, 9, or 10, that number is c

Algebra Multiple Choice

1. How many times larger than 1/4x is 5x?: * 4/5 5/4 9 20 2. The probability that Robin Hood hits a target is 5/6. The probability that Little John hits a target is 1/7. If Robin Hood and Little John each shoot one arrow at the target, what is the probability that they both miss?: * 5/42 1/7 6/7 37/42 3. If (5x2 -

Decision tree probability

Company XYZ must decide whether or not to introduce a new version of its product. The president thinks that the probability is 0.75 that the new version will be successful and 0.25 that it will not. If the product is a success, the company will gain $300,000. If it is a failure, the company will lose $150,000. a. Constru

How to find probabilities related to a normal distribution

The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution. The mean number of passengers per cruise is 1,820 and the standard deviation is 120. a. What percent of the cruises will have between 1,820 and 1,970 passengers? b What percent of the cruises will hav

Probability

A manufacturer of window frames know from long experience that 5 percent of the production will have some type of minor defect tht will require an adjustment. What is the probability that in a sample of 20 window frames a) none will need adjustment b) at least one will need adjustment c) More than two will need adjustment

Binomial Probability

When shipping diesel engines abroad, it is common to pack 10 engines in 1 container that is then loaded on a rail car and sent to a port. Suppose that a company has received complaints from its customers that many of the engines arrive in nonworking condition. To help solve this problem, the company decides to make a spot check

Statistics Problem: Probability and Z-Scores

Scores on an endurance test for cardiac patients are normally distributed with mean = 182 and standard deviation = 24. a. What is the probability a patient will score above 190? b. What percentage of patients score below 170? c. What score does a patient at the 75th percentile receive? d. What percentage of patients score b

Probability and Statistics : Poisson Distributions and Standard Deviations

The number of violent crimes committed in a large city follows a Poisson distribution with an average rate of 10 per month. a. Find the expected number of violent crimes committed in a 3 month period b. Find the standard deviation of the number of violent crimes committed in a 3 month period c. Find the probability that at l

Probability : Standard Deviation

Suppose the national average for medication error is one out of every 1000 patients. A hospital believes that their medication error rate is comparable to the national average. If the hospital randomly selects 500 patients, a. Find the expected number of patients in the sample that will have had a medication error. b. What is

1. What is the probability that a randomly selected individual from this population earns less than $60,000 per year? 2. If a randomly selected individual is observed to earn less than $60,000 per year, what is the probability that this person is a man? 3. If a randomly selected individual is observed to earn at least $60,000 per year, what is the probability that this person is a woman?

Consider a population of 2000 individuals, 800 of whom are woman. Assume that 300 of the woman in this population earn at least $60,000 per year, and 200 of the men earn at least $60,000 per year. 1. What is the probability that a randomly selected individual from this population earns less than $60,000 per year? 2. If a r

Waiting Line Models, Queueing Analysis, Decision Analysis and Forecasting

1) WAITING LINE MODELS -AMC Movie Theatre has only one box office clerk. For the movie theatre's normal offerings, customers arrive at the average rate of 3 per minute. On the average, each customer who comes to see a movie can be sold a ticket at the rate of 6 per minute. Assume arrivals follow the Poisson distribution and ser

Risky Cash Flow/ Managerial Finance Brigham 11-8

The Bartram-Pulley Company (BPC) must decide between two mutually exclusive investment Projects. Each project costs $6,750 and has an expected life of 3 years. Annual net cash flows from each project begin 1 year after the initial investment is made and have the following probability distribution: Project A

Decision analysis with decision tree: Should Allstate accept the initial offer to settle the claim for $750,000? What decision strategy should they follow if they decide to make a counteroffer of $400,000?

Jack Nimble, an employee of Daniel Construction Company, claims to have injured his back as a result of a fall while repairing the roof at one of the Eastview apartment buildings. He filed a lawsuit against Dave Gilmour, the owner of Eastview apartments, asking for damages of $1,500,000. Jack claims that the roof had rotten sect

Probability

A multichoice test in which each question has four choices, only one of which is correct. Assume that nine questions are answered by guessing randomly. What is the probability of getting exactly three correct answers.

Quantitative Analysis

I have some Quantitative Analysis questions I need help understanding. Simulation Modeling 1. A certain grocery store has noted the following figures with regard to the number of people who arrive at their three checkout stands ready to check out and the time it takes to check out the individuals. Arrivals/Min.

Probability and Pascal's Triangle

Describe a real-life situation where Pascal's Triangle can be used to calculate probability. Is this the best method for solving your calculation? If yes, why? If not, what other principle would you use?

Probability

List the sample space of choosing a ball from a bag containing 2 red balls and 3 black balls. What is the probability of choosing a queen from a deck of 52 cards? What is the probability of the 2nd card being a queen if the first was a queen? (without replacement) If we know that P(A) = 3/5; P(B) = 3/5; P(A AND B) = 2/5,

Waiting line model with a scenario

As it is, models have been developed to assist managers understand and make better decisions concerning the operation of waiting lines. In management, a waiting line is a queue, and the body of knowledge dealing with waiting lines is known as queueing theory. As I understand it, queueing theory has become more sophisticated with

Quantitative Analysis

(1)PD 12-1. Describe a problem in your workplace (or another workplace) that can be solved by each one of these methods and set up the solution for each: &#65533; Minimal-spanning tree technique &#65533; Maximal flow technique &#65533; Shortest-route technique. (2)Chapter 14 PD 14-1. a) Describe a queuing process in you

Standard Deviation, Normal Distributions, Z-Scores & Probability

1) Hourly wages at the amusement park are normally distributed with a mean of $8.55 per hour and a standard deviation of $0.45. If an employee is selected at random, what is the probability that the worker earns less than $7.75 per hour? 2) The number of years at a bank is normally distributed with a mean of 10.5 years and a

Statistics, Mean, Median, Mode, Weighted Averages and Distributions

1. Each of the three measures of central tendency?the mean, the median, and the mode?are more appropriate for certain populations than others. Search the Cybrary and/or Internet. For each type of measure, give two examples of populations where it would be the most appropriate indication of central tendency. 2. Find the mean,