Detailed Explanation to Statistics - Probability
Not what you're looking for?
1. A recent survey conducted by Towers Perrin and published in the Financial Times showed that among 460 organizations in 13 European countries, 93% have bonus plans, 55% have cafeteria-style benefits, and 70% employ home-based workers. If the types of benefits are independent, what is the probability that an organization selected at random will have at least one of the three types of benefits?
2. In a takeover bid for a certain company, management of the raiding firm believes that the takeover has a 0.65 probability of success if a member of the board of the raided firm resigns, and a 0.30 chance of success if she does not resign. Management of the raiding firm further believes that the chances for a resignation of the member in question are 0.70. What is the probability of a successful takeover?
Purchase this Solution
Solution Summary
The probability that an organization selected at random will have at least one of three types of benefits is determined. Complete, Neat and Step-by-step Solutions are provided.
Solution Preview
(1) P(An organization does not have bonus plan) = 1 - 0.93 = 0.07
P(An organization does not have cafeteria-style benefits) = 1 - 0.55 = 0.45
P(An organization does not employ home-based workers) = 1 - 0.70 = 0.30
P(An organization has none of the three ...
Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.