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Probability

Probability: Expected Profit and Poisson Distribution

1) A contractor is considering a project which he estimates will yield a $160,000 profit with a probability of 65% and a loss of $50,000 with a 35% probability due to poor weather and material issues. What is his expected (value) profit? 2) CSI has a 20 share meaning that while it is being broadcast, 20% of the TV sets are tu

Probability - research problem

What is an example of a research problem at your organization that would benefit from the use of either descriptive statistics or probability distribution statistics? Explain.

Decision Making and State of Nature

Allen Abbott has a wide-curving, uphill driveway leading to his garage. When ther is a heavy snow, Allen hires a local carpenter, who shovels snow on the side in teh winter, to shovel his driveway. The snow shoveler charges charges $30 to shovel the driveway. Following is a probability distribution of the number of heavy snows e

Probability

A lottery involves drawing five white balls out of a drum with 55 balls and then drawing one red ball out of a drum with 42 red balls. You can buy a $1 ticket and select five white numbers from (1-55 inclusive and one red number (from 1 - 42 inclusive). you win the lottery if you pick all five of the correct white balls and th

Probability of Card Selection

3. When a card is selected from a deck, find the probability of getting: a. A club b. A face card or a heart c. A six and a spade d. A king e. A red card

Probability of Getting a Job

The table below represents the results of a survey of 500 Households in Q1 2005: Current Economic conditions: GOOD FAIR BAD Jobs Are HARD To Get 25 145 70 Jobs Are EASY To Get 100 145 15 a. If a Household is chosen at random, what is the probability that it feels economic conditions are GOOD? b. If a Ho

EOQ Model for the Bridgeport City

The Bridgeport city manager and the chief of police agreed on the size of the police force necessary for normal daily operations. However, they need assistance in determining the number of additional police officers needed to cover daily absences due to injuries, sickness, vacations, and personal leave. Records over the past thr

Probability calculation using frequency approach .

2. Suppose 90% of kids who visit a doctor have a fever, and 20% of kids with a fever have sore throats. What's the probability that a kid who goes to the doctor has a fever and a sore throat? The probability is ______. 3. The percent distribution of live multiple-delivery births (three or more babies) in a particular year fo

Probability and simulating files for promotion

Individually remove all four aces from a deck of playing cards. There will now be 24 red cards in the deck, that will represent "male" files, and 24 black cards that will represent "female" files. Alternatively, you may use 48 index cards, marking half with "M" and half with "F". Shuffle the cards at least seven times and then

Poisson Distribution for Major Earthquakes

For a recent period of 100 years, there were 93 major earthquakes (at leat 6.0 on the Richter scale) in the world (based on data from the World Almanac and Book of facts). Assuming that the Poisson distribution is a suitable model, find the mean number of major earthquakes per year, then find the probability that the number of e

Probability: A Study of College Football Games

A study of college football games shows that the number of holding penalties assessed has a mean of 2.3 penalties per game and a standard deviation of 1.1 penalties per game. What is the probability that, for a sample of 40 college games to be played next week, the mean number of holding penalties will be 2.4 penalties per game

Probability

An oil explorer orders seismic tests to determine whether oil is likely to be found in a certain drilling area. The seismic tests have a known reliability: when oil does exist in the testing area, the test will indicate so 90% of the time; when oil does not exist in the test area, 5% of the time the test will erroneously indica

Finance questions

1) You are interested in investing, and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided: Condition Probability of condition Return on security A Return on security B Economy Sluggish 0.3 0.16 -0.05 Economy Normal 0.

Probability of Different Scenarios

1. A study of 200 advertising firms revealed their income after taxes: Income after Taxes Number of Firms Under $1 million 102 $1 million to $20 million 61 $20 million or mor

Determining range, mean absolute deviation, standard deviation and variance

1. A social scientist for a children's advocacy organization has randomly selected 10 Saturday-mornings television cartoon shows and carried out a content analysis in which he counts the number of incidents of verbal or physical violence in each. For 10 cartoons examined the counts were as follows: 27, 12, 16, 22, 15, 30, 14, 30

Calculate: The Probability of Completing an Assignment

Dr. Stallter has been teaching basic statistics for many years. She knows that 80 percent of the students will complete the assigned problems. She has also determined that among those who do their assignments, 90 percent will pass the course. Among those students who do not do their homework, 60 percent will pass. Mike Fishbaugh

Probability of Cards in a Deck

Please help with the following probability questions. The condition for the question is that the deck of cards has 52 cards and among them are 12 face cards. 1. a) What is the probability of choosing 6 face cards out of 8 chosen (through binomial distribution holds, meaning with replacement)? b) What is the probability of

Solving Probabilty, Normal Distributions and Using Excel

SOB's systolic blood pressure is a random variable with a mean of 145 mmHG and a standard deviation of 20mmHG. If the SOB's blood pressure is taken at a randomly chosen moment what is the probability it will be below 135? What is the probability it will be over 175?

Statistics

See attached A final exam in sociology has a mean of 72 and a standard deviation of 9.2....

Probability Distributions

Refer to the Baseball 2005 data, which reports information on the 30 major league teams for the 2005 baseball season. www.baseball1.com/statistics/ a. Select the variable team salary and find the mean, median, and the standard deviation. = Mean = X Median = s = Standard Devia

General Statistics questions from probability and descriptive statistics.

1. A search engine site claims that, on average, one out of five visitors clicks on an ad. a. If 7 users visit the site, what is the probability that at least one clicks on an ad? b. If 7 users visit the site, what is the probability that less than three of them click on an ad? c. If 700 users visit the site, would the pr

The probability of rain in Boston

When writing about the probability that it will rain in Boston on July 4 of next year, a newspaper reporter states that the probability is ½, because either it will rain or it will not. Is this reasoning correct? Why or why not? An insurance company states that the probability that a particular car will be involved in a car

Finance : Expected Return and Risk

Emery, Finnerty & Stowe - Ch. 6, problems A6, B6, & B10 (a only)- A6. (Expected portfolio return) Musumeci Capital Management has invested its portfolio as shown here. What is Musumeci's expected portfolio return? B6. (Expected return and risk) Procter & Gamble is considering three possible capital investment

Probability or Number of Possibilities questions

Lotto, a lottery game conducted by the Ohio State Lottery Commission, consisted of selecting six numbers from the 42 numbers 1, 2, ...,41, 42. (No repetitions are allowed, and order does not matter.) The Commission selects by chance the six winning numbers. You pay $1 to play. You get a free ticket if three of your numbers matc

Probability based on binomial probability

Binomial Distribution 1. State a question that can be answered in a "binomial" manner, such as Do you normally read the front page of a newspaper at least 4 times a week? (yes or no). Determine ahead of time whether answers should be recorded or counted as a "yes " or "no". 2. Take a survey. Ask 22 individuals to respo

Probability of Occurrence

A. An activity that yields a result or an outcome is called an ____________________. b. An ________________________is a collection of some of the possible outcomes from the sample space. c. Two events A, B are to be ____________________if they cannot both occur together when an experiment is performed. d. Suppose A, B

Probability of Occurrence of Gender

I. At a certain college 10% of the students are majoring in mathematics, 70% of the student body are female, and 4% of the students are female mathematics majors. Suppose a student is selected by chance. Find the probability that the student is majoring in math given that the student is a female. j. Two events. A, B are ca

Probability based on Norma distribution

The actual weight of 2-pound sacks of salted peanuts is found to be normally distributed with a mean equal to 2.04 pounds and a standard deviation of 0.25 pounds. Given this information, the probability of a sack weighing more than 2.40 pounds is 0.4251 True or False?

Risk Analysis Pronability

You are a risk analyst at Max Inc., which operates 15 manufacturing plants in the United States. Industry experts predict that the next year will be a bad one for your industry and 70 percent of the manufacturing plants like yours in the United States will operate at a loss. The CEO of your company has to provide an assessme

Hypergeometric/Binomial Probability Distribution

You are the manager of a softball league in the locality in which there are 5 local teams with 10 people each. The league has been arranged for parity so that each local team has 5 good players and 5 bad players. Another softball league located in another state wants to put together a regional all-star team for a tournament that