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    Probability

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    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

    Intersection and union to explore the probability function

    Q: Let A and B be two events defined on a sample space S such that P(A)=0.5 P(B)=0.25 P(A or B)=0.7 [P(A union B)=0.7] Find the following (1) P(A and B) [P(A intersect B)] (2) P(A^C and B) [P(A complement intersect B)] See word document for a cleaner version of the problem.

    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?

    Lottery odds

    Consider a state lottery (any state) Describe how you would calculate the odds of winning the jackpot. Do you think it is worth it to buy a ticket? Why or why not?

    Normal Approximations to Binomial Probabilities

    Mathematics Study Centre was established to help students to solve mathematics and statistics problems. Assume that 30% of the students seek help in statistics. If 200 students seek help at the MSC in a semester, approximate the probability that at least 55 of them seek help in statistics.

    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: � Minimal-spanning tree technique � Maximal flow technique � Shortest-route technique. (2)Chapter 14 PD 14-1. a) Describe a queuing process in you

    What is the probability that San Francisco plays in the next Super Bowl?

    Super Bowl contender. The probability that San Francisco plays in the next Super Bowl is nine times the probability that they do not play in the next Super Bowl. The probability that San Francisco plays in the next Super Bowl plus the probability that they do not play is 1. What is the probability that San Francisco plays in

    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,

    Probability : Sampling without Replacement

    A bag cotains 10 nickels, 5 dimes, and 3 quarters. If you draw 3 coins at random from the bag, without replacement, what is the probability that you will get a quarter, a nickel, and a quarter in that order? An urn contains three red balls numbered 1, 2, 3, four white balls numbered 4, 5, 6, 7, and three black balls numbered

    Simulation, Modeling, Trends and Forecasting

    Forecast of volumes of pizzas that will be sold in Johnston County The number of pizzas sold will be extremely important to Lotto Pizza. Two factors will impact this number: population growth and percent of population who will purchase a Lotto Pizza. To establish the first number use the population history provided. Althou

    Joint Probability

    · Calculate probabilities and joint probabilities on the events of driving to work everyday for 10 days. · Identify the meaning of independent and dependent of this event · Understand the basic logic of probability theory Monday 30 minutes Tuesday 35 minutes Wednesday 30 minutes Thursday 25 minute

    Probability that two cards drawn from a deck are both aces

    1. Two cards are drawn at random from an ordinary deck of playing cards. The first is not replaced before the second is drawn. What is the probability that: a. Both cards are aces? b. At least one card is black? 2. Using the following sample: 28, 30, 24, 30, 32, 40, 22, 25, 26, 34 a. Find the mean. b. Find the media

    Probabilities

    Can you think of situations in the business world or other real life situations where you would need to calculate or estimate probabilities? As a corollary, would you say that probabilities have to be numeric (quantitative) in order to be useful to business and industry? Why or why not?

    Conditional probability, combinations, permutations

    Find the number of possible combinations of picking 2 items out of 6. ------------------------------------------------------------------------------------------------------- How many permutations of answers are possible in a true-false test consisting of 10 questions? -------------------------------------------------

    Probability problem: Saddam hussein

    Pretend you are drawing cards without replacement from the infamous Iraq's most wanted deck issued by the us military. If you are drawing from the full deck of 55 cards, what are the folloing probabilities: a. You draw a card that is not Saddam Hussein? b. You draw two cards, which end up being Saddam Hussein and anothe

    Probability of Coins Drawn

    Suppose you have 6 nickels, 4 dimes, and 2 quarters in your pocket. If you draw a coin randomly from your pocket, what is the probability that a. You will draw a dime? b. You will draw a half-dollar? c. You will draw a quarter?

    Shooting Match Probabilities

    In a single duel, Shooter A hits target with a probability of 1/3. B with 1/2. C never misses. ABC fire in turns, A going first, B next, and C last. Shooting cycle repeats until only one dueler has not been hit. Use random # x, where 0 <= x <=1. What happens if the shooter hits the deadliest shooter first? in 10,000 due

    Operations Problem - Queuing

    See attached file for full problem description. 3. The neighborhood Clinkos copier store has three copiers: C1, C2, and C3. Customers that come to the store can be categorized into two types of jobs: large volume and small volume jobs. Currently, Copiers C1 and C2 are only assigned to customers with large volume copy jobs, a

    Probability and Selection with Replacement

    1) A poll states that 30% of the workers in a large company have new desks. If 6 workers are selected at random, what is the probability that at least one worker has a new desk? 2) In a shipment of 20 televisions, 5 are defective. If 2 television sets are randomly selected and tested without replacement, what is the probabili

    Probability of Selecting Different Things

    1) In the class, there are 12 freshmen, of whom 8 are males and 15 sophomores, of whom 5 are females. If one student is selected at random, what is the probability of selecting a freshman or a female? 2) In a recent poll by American Automobile Club, 40% of the surveyed said that they were worried about aggressive drivers. If

    Probability

    17. Shown are the percent frequency distributions of job satisfaction scores for a sample of investment banking executive managers (IB) and investment banking financial advisers. The scores range from a low of I (very dissatisfied) to a high of 5 (very satisfied). a. Develop a probability distribution for the job satisfactio