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Probability

Determining Mean and Variance: Example Problems

1. Place eight chips in a bowl: Three have the number 1 on them, two have the number 2, and three have the number 3. Say each chip has a probability of 1/8 of being drawn at random. Let the random variable X equal the number on the chip that is selected, so that the space of X is S = {1, 2, 3}. Make reasonable probability assign

Probability Calculation Using Normal Distribution and Z score

88. Refer to the Baseball 2005 data, which reports information on the 30 major league teams for the 2005 baseball season. 1. Select the variable team salary and find the mean, median, and the standard deviation. 2. Select the variable that refers to the age the stadium was built. (Hint: Subtract the year in which the stadium w

Statistics Problems- Variety of Problems

1. A recent issue of Fortune Magazine reported that the following companies had the lowest sales per employee among the Fortune 500 companies. Company Seagate Technology SSMC Russel Maxxam Dibrell Brothers a. How many elements are in the above data set? 5 b. How many variables are in the above data set? 2 - Sa

Probability of Adults Owning Stocks

A study for McNeil Associates for the NYSE revealed that 43% of all US Adults are stockholders. In addition the study determined that 75% of all US adult stockholders have some college education. Suppose 37% of all US adults have some college education. A US adult is randomly selected. a. What is the probability that the

Probability

According to the US Bureau of Labor Statistics, 75% of the women 25 through 49 years of age participate in the labor force. Suppose 78% of the women in that age group are married. Suppose also that 61% of all women 25 through 49 years of age are married and are participating in the labor force. a. What is the probability that

Quantitative Methods Coin Toss Simulation

Activity 18.1 1. Toss a coin 10 times, and after each toss record in the following table the result of the toss and the proportion of heads so far. For example, consider the sequence of tosses: H T T T H. After the first toss, the proportion of heads was 1/1, after the second the proportion of heads was 1/2, then after th

Probability: Independent/Exclusive Events

See the attached file. 1) Let A and B be two events. a) If the events A and B are mutually exclusive, are A and B always independent? If the answer is no, can they ever be independent? Explain b) If A is a subset of B, can A and B ever be independent events? Explain 2) Flip an unbiased coin five independent times. Compute

Probability

Hospital records indicated that maternity patients stayed in the hospital for the number of days shown in the following table: # of days (X) P(X) 1 0.29 2 0.25 3 0.17 4 0.15 5 or more 0.14 Find the probability t

Probability student receives academic awards

A survey of 254 students showed that 155 of them received academic awards, 152 received athletic awards, and 110 received both. What is the probability that a student received at least one of the two awards? What is the probability that a student did not receive either of these awards? Suppose a salesperson makes a sale

Various Online Math Applications

Using a favorite Internet search source, conduct a general online Internet search for "math applications" in a chosen field of interest (for example, "math applications sports" or "math applications computers"). Your search should initiate several websites related to this topic. Visit several of these websites and browse t

Coin Toss Probability

In this activity, you will explore some ideas of probability by using Excel to simulate tossing a coin and throwing a free throw in basketball. Toss a coin 10 times and after each toss, record in the following table the result of the toss and the proportion of heads so far. For example, suppose you obtain the following sequence

Combination and Permutation

1.3-1 There are total 8 digits and we wants to choose 4 digit from 8 digits for locks. Since in the number lock, we may choose combinations of repeated numbers. Thus first digit can be chosen from 8 ways. Since other second, third and fourth digits can be chosen from 8 ways . 1.3-2 since there are 4 Orchids we choos

Business Statistics-probability question

An MBA graduate is applying for nine jobs, and believes that she has in each of the nine cases a constant and independent 0.48 probability of getting an offer. a. What is the probability that she will have at least three offers? b. If she wants to be 95% confident of having at least three offers, how many more jobs should she

Calculation of Binomial Probability

10. A professor is giving a T/F test in your history class. Statistics show students who do not study for the test but attend class have a 70% chance of getting the answers correct. The test is 20 questions and the student did not study. (Hint: Binomial Distribution) a. What are the odds a student gets more than 13 question

Probability Manufacturer to Reduce Codes

8. You just bought a new safe: It has a key pad with 26 letters on it. The code is 4 random letters a. How many different codes are there for you to select from if no letter can be used more than once? b. If no letter can be used more than once. Does Order Matter? c. If the manufacturer decided to reduce the code from

Probability Frequency Definition

2. The table below represents the results of a survey of 1000 workers in Q1 2009 as to which benefit they find is the most important. Retirement Benefits are most important Health Benefits are most important Single 280 200 Married 220 300 a. If a Worker is chosen at random, what is

Probability of Sample Mean.

QUESTION 4 A manufacturer of power tools claims that the average amount of time required to assemble their top-of-the-line table saw is fifty (50) minutes with a standard deviation of forty (40) minutes (the very large standard deviation is due to a variety of factors including a large variation in skills among the 'Do it yours

Probability of Orders for Installation of Computer Information System

The number of orders for installation of a computer information system arriving at an agency per week is a random variable X with the following probability distribution: X P(x) 0 0.10 1 0.20 2 0.30 3 0.15 4 0.15 5 0.05 6 0.05 a. Prove that P(X) is a probability distribution. b. Find the cumulative distribution

Real Estate: Conflict and Conflict in Selling Houses

A real estate agent has four houses to sell before the end of the month by contracting prospective customers one by one. Each customer has an independent 0.24 probability of buying a house on being contacted by the agent. a. If the agent has enough time to contact only 15 customers, how conflict can she be of selling all fou

Statistics

1. A z-score of z = +3.00 indicates a location that is ____. A) near the center of the distribution B) slightly above the mean C) far above the mean in the extreme right-hand tail of the distribution D) The location depends on the mean and standard deviation for the distribution. 2. For a distribution of scores, which of th

Probability question

Laptop computers produced by a company have an average life of 38.36 months. Assume that the life of a computer is exponentially distributed (which is a good assumption). a. What is the probability that a computer will fail within 12 months. b. If the company gives a warranty period of 12 months, what proportion of computers

Learning Curve and Process Capability

Based on chapter learning and assuming no relationship between the questions What is process capability? Explain it in context of how it is used in your organization. Also explain, what is the learning curve, and how can it be applied?

Ten questions on statistics.

Questions about statistics (please see attached). 1. The graph shows the results of a survey of drivers who were asked to name the most annoying habit of other drivers. You randomly select six people who participated in the survey and ask each one of them to name the most annoying habit of other drivers. Let x represent the n

Detailed Explanation to Statistics - Probability

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 selec

Estimate / justification

It is difficult to make budgetary projections in the current economic climate. In particular, a decision regarding long-range planning will be made, in part, using the likelihood that the current recession will last less than 1.5 years. To estimate this probability, information from all previous recessions in the United States

Probability / conditional probability

In your opinion, the best outcome would be to have the communications contract awarded to your company but to have the construction contract awarded to a different company. This is not because you are fond of your competition, but instead because if you were to win both, the result would place some strain on your (relatively) s

Probability of Real-estate being Sold

Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in residential listings. They recently became interested in determining the liklihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced

A Partnership Between Dude Ranches and Mobile Homes

Dude Ranches Incorporated was founded on the idea that many families in the eastern and southern areas of the United States do not have a sufficient amount of vacation time to drive to the dude ranches in the Southwest and Rocky Mountain areas for their vacations. Various surveys indicated, however, that there was a considerable

Binomial Model: Calculate put price

Please help with the following problem. Include calculations. Suppose that the stock now sells at $80, and the price will go up by 5% or down by 5% at the end of first six month (t = ½). Then, the price will either go up by 10% or down by 10% at the end of year (t = 1). A call option on the stock has an exercise price of