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Probability of people buying a particular model of car: estimate projects

Complete the practice question in an excel spreadsheet and display the profit for each model in a bar chart. After 12 months in business, you discover that only 10 percent of people who walk through your doors will be buyers. Of those who buy vehicles, the breakdown of vehicle purchases is as follows: VW Golf 15% Saab

Probablity: Computer Specialty Manufacturer Support Department

A computer specialty manufacturer has a two-person technical support staff who work independently of each other. In the past, Tom has been able to solve 75% of the problems he has handled, and Adam has been able to solve 95% of the problems he has handled. Incoming problemsm are randomly assigned to either Tom or Adam. If a

Concepts of Probability

Fire Fatalities If computations are used, please use an Excel worksheet to show them or state response in a form that can be transferred to a spreadsheet. Using the table below, how many victims were in the category described by: a. (A and A′)? b. (C or F)? c. (A&#8242

Statistics for Managers: Normal distribution, random sample, standard deviation

Given a normal distribution with a population mean of 100, a standard deviation of 10 and a sample size of n = 25, what is the probability that X is a. less than 95? b. between 95 and 97.5? c. above 102.2? d. There is a 65% chance that X is above what value? Time spent using e-mail per session is normally distributed,

Probability: Which Portfolio Would You Recommend?

You are trying to develop a strategy for investing in two different stocks. The anticipated annual return for a $1000 investment in each stock has, in your opinion, the following probability distribution: Returns: Probability Stock A Stock B 0.1 -$100

Binomial Distribution: Infectious and Pulmonary Disease

1. Infectious disease question: Evaluate the probabilities of obtaining k neutrophils out of 5 cells for k=0,1,2,3,4,5 where the probability that any one cell is a neutrophil is 0.6. Find the expected number and standard deviation of neutrophils of the 5 cells. 2. Pulmonary disease question: Compute the probability of obta

Statistics for Managers: S&P 500's Performance; got news from newspapers

See attached file for problem 2. 1. Can the problem title "basic probability" be solved using excel? If yes, please explain step-by-step on excel. Please also include any formulas and how you reach the conclusion. For this question, disregard part d. In 37 of the 59 years from 1950 through 2008, the S&P 500 finished highe

Exponential distribution for electrical component; average credit card debt

1. The useful life of an electrical component is exponentially distrbuted with a mean of 2500 hours. (a) what is the probability the circuit will last more than 3000 hrs. (b) what is the probability the circuit will last between 2500 and 2750 hours (c ) what is the probability the circuit will fail within the first 2000 hr

Statsistics for Alberta insurance company policyholder claims

Note that answers are given. Please show the workings to arrive at the answers. An auditor for an insurance company in Alberta reports 40 percent of the policyholders 55 years or older submit a claim during the year. 15 policyholders are randomly selected for company records a) how many of the policyholders would you expe

Statistics - Text Message and Winter Olympics

Please see attachment and explain all work. #1 Suppose that 40% of all cell phone owners have sent or received text messages. A sample survey interviews an SRS of 2000 cell phone owners. a) What is the actual distribution of the number X in the sample who have sent or received text messages? b) What is the probability

Standard Deviation

Jim's systolic blood pressure is a random variable with a mean of 145 mmHg and a standard deviation of 20 mmHg. For Jim's age group, 140 is the cutoff for high blood pressure. If Jim's systolic blood pressure is taken at a randomly chosen moment, what is the probability that it will be, (a) 135 or less? (b) 175 o

Normal probability distribution: Errors on tax returns by Dotties Tax Service

Dotties Tax Service specializes in federal tax returns for professional clients, such as physicians, dentists, accountants, and lawyers. A recent audit by the IRS of the returns she prepared indicated that an error was made on 15 percent of the returns she prepared last year. Assuming this rate continues into this year and she p

Statistics: Probability that 3 loans will be defaulted for Coast Bank and Trust

Ms. Bergen is a loan officer at Coast Bank and Trust. From her years of experience, she estimates that the probability is .025 that an applicant will not be able to repay his or her installment loan. Last month she made 40 loans. a. What is the probability that 3 loans will be defaulted? b. What is the probability that at le

Hyper Peometric Probability: Defective Television Sets

Kolzak Appliance has just received a shipment of 10 TV sets. Shortly after they were received, the manufacturer called to report that he had inadvertently shipped 3 defective sets. Ms. Kolzak, decided to test 2 of the 10 sets she received. What is the probability that neither of the 2 sets tested is defective? Pls find the pr

EMV Problem for Page Engineering

Page Engineering designs and constructs air conditioning and heating (HVAC) systems for hospitals and clinics. Currently the company's staff is overloaded with design work. There is a major design project due in 8 weeks. The penalty for completing the design late is $14,000 per week, since any delay will cause the facility to

Decision Tree for sale of artwork of Mill River's ice skaing park

Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the experience in a drawing and is hoping to reproduce it and sell framed copies to current and former residents. He thinks that if the market is good he can sell 400 copies of the elegant version at $1.25 each. If the market is

Four Poisson Distribution Problems

See attached file for clarity. #3. Assume that the number of uninspected cars caught at a state police checkpoint is Poisson distributed with average 2.1 per hour. (a) What is the average number of cars caught in t hours? (b) What are P(no cars caught in 14 hours? (c) P(at least 3 in 1.5 hours); (d) P(at least 1 car caught w

Statistics: dice, marbles, survey, cards, smoker, tourist, participants

Two sided dice are rolled. What is the probability that the sum of the two numbers on the dice will be 5? A bag contains 2 red marbles, 3 blue marbles and 7 green marbles. If a marble is randomly selected from the bag, what is the probability that it is blue? A case consists of 41 women and 74 men. If a student is rando

Calculating the Probability of Choice

Please help with the following problems. Abby, Deborah, Mei-Ling, Sam, and Roberto work in a firm's public relations office. Their employer must choose two of them to attend a conference in Paris. To be fair, the choice will be made by drawing two names from a hat. (This is an SRS of size 2) a) Write down all the possibl

Probability models

In each of the following situations, state whether or not the given assignment of probabilities to individual outcomes is legitimate, that is, satisfies the rules of probability. Give specific reason for your answer. a) Roll a die and record the count of spots on the up-face: P (1) = 0 P (2) = 1/6 P

Problems Involving the Rules of Probability

Although the rules of probability are just basic facts about percents or proportions, we need to be able to use the language of events and their probabilities. Choose an American at random. Define two events: A) = the person chosen is obese B) the person chosen is overweight, but not obese According to the National Cente

Discrete probability model

Choose a person aged 19 to 25 years at random and ask, "how many times have you worked out in the past?" Call the response X for short. Based on a large sample survey, here is a probability model for the answer you will get: Days 0 1 2 3 4 5 6 7 Probability 0.68 0.05 0.07 0.08 0.05 0.04 0.01 0.02

Probability Distribution: Operating a TrolleyLine

4.1 Among its various routes, a transit agency operates a trolley line. The line has a total of 18 trolley cars. Some of these cars are unavailable because they are being maintained or repaired. The probability distribution of Y = number of cars out of service on a randomly chosen day is given by the Excel spreadsheet in figu