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Binomial Probability Solution

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In the past few years out sourcing over seas has become more frequently used than before by U.S. companies. However, out souring is not with out problems. A recent survey indicates that 20% of the companies that outsource over seas use consultant. Suppose 7 companies that outsource are selected randomly (use formula)

a. What is the probability that exactly five companies that outsource overseas use a consultants.
b. What is the probability that 5 or more companies use consultants?
c. Calculate the expected value.
d. Calculate the standard deviation.

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Solution Summary

This solution explains the determination of probabilities using Binomial distribution. Additionally, the solution provides answers in several attached Word, Excel and PDF files.

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Let X denote the number of companies that outsource overseas use consultants among the 7 randomly selected companies. Then X follows a Binomial distribution with parameters n = 7 and p = 0.20.
Therefore, the ...

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