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Production under normally distributed process

A production process manufactures items with weights that are normally distributed with mean 16 pounds and standard deviation 0.15 pound. An item is considered to be defective if its weight is less than 15.8 pounds or greater than 16.2 pounds. Suppose that these items are currently produced in batches of 200 units. [Hint: F

Developing Decision Trees and Payoffs

How to develop a decision tree and the payoffs using the information given The Problem: Joe Morgan, an investment strategist has learned of a couple alternatives that his company can invest in. His firm has chosen to invest in real estate. Occasionally the firm will invest in commercial real estate, but mostly in residenti

Binomial and Poisson Probability Distributions

Suppose you, as the manager of Tennessee Grilled Pork. would like to ensure you have enough cleaning staff for your dining room and would like to analyze data for customers who enter the restaurant to place and order and either eat in the restaurant or take their order to- go. If the probability that a customer will stay in the

Probability: Random Sampling

Sample question: A study of the effect of college education on job satisfaction was conducted. A contingency table is presented below: Satisfied with job Not satisfied with job Total Attended College 325 190 515 Did not Attend 186 369 555 Total 511 559 1070

Using Probability to Determine Likelihood

At a gathering consisting of ten men and twenty women, two door prizes are awarded. Find probability that both door prizes are won by men. The winning ticket is not replaced, is this event likely or unlikely to occur?

Soft Drink Preferences of People in Different Age Groups

Can I have help solving this problem? The table below shows the soft drinks preferences of people in three age groups. cola Root beer Lemon-line Under 21 years of age 40 25 20 Between 21 and 40 35 20 30 Over 40 years of age 20 30 35 If one of the 255 subjects i

The probability associated with clothing orders

1. Orders for clothing from a particular manufacturer for this year's Christmas shopping season must be placed in February. The cost per unit for a particular dress is $20 while the anticipated selling price is $50. Demand is projected to be 50, 60, or 70 units. There is a 40 percent chance that demand will be 50 units, a 50 per

Probability Distributions For Continuous Variables

A large company is planning to launch a new product in the market. However, the company is not sure about the state of the economy and its impact on the return on the capital investment associated with this new product. A key analysis in this regard is the expected return and risk. Since the new product can come in three differe

Statistical Analysis: Annual Return

1. Suppose the annual return on XYZ stock follows a normal distribution with mean 0.12 and standard deviation 0.30. a. What is the probability that XYZ's value will decrease during a year? b. What is the probability that the return on XYZ during a year will be at least 20%? c. What is the probability that the return on

Calculating the Probability in Random Samples

#25. Companies often make flextime scheduling available to help recruit and keep women employees who have children. Other workers sometimes view these flextime schedules as unfair. An article in USA Today indicates that 25% of male employees state they have to pick u the slack for moms working flextime schedules. Suppose you s

Using Probability in Court Trials

1. In 1972, Rodrigo Partida, a Mexican-American, was convicted of burglary with intent to commit rape. His conviction took place in Hidalgo County, which is in Texas on the border with Mexico. In Hidalgo County, 79.1% of the residents eligible for jury selection are Mexican-American. Partida's conviction was later overturned bec

The probability of off-the-job accidents in a sample size of 50

The National Safety Council (NSC) estimates that off-the-job accidents cost U.S. businesses almost $200 billion annually in lost productivity (National Safety Council, March 2006). Based on NSC estimates, companies with 50 employees are expected to average three employee off-the-job accidents per year. Answer the following quest

Bayers Theorem

Choose any medical scientific study who applied a Bayer Theorem and write down the article information (title, author, location, and date) of the article, write a paragraph about the summary or overview of the article (You can copy from the article), and write your opinion about the article.

Essentials of Statistics for Business and Economics: Probability

((Essentials of Statistics for Business and Economics 6th Editionin)) In Chapter 5 Problem 33 33. 12 of the top 20 finishers in the 2009 PGA Championship at Hazeltine National Golf Club in chcaska, Minnesota used a Titleist brand golf ball (GolfballTest website, November 12, 2009.) Suppose this results are representaive of t

The failure of the Space Shuttle Challenger

The January 1986 mission of the Space Shuttle Challenger was the 25th such shuttle mission. It was unsuccessful due to an explosion caused by an O-ring seal failure. (a) According to NASA, the probability of such a failure in a single mission was 1/ 63,000. Using this value of p and assuming all missions are independent, cal

Binomial random variable and binomial distribution

Suppose that x is a binomial random variable with n = 5, p = 0.2, and q = 0.8. (a) For each value of x, calculate p(x), and graph the binomial distribution. (Round final answers to 5 decimal places.) p(0) = , p(1) = , p(2) = , p (3) = , p(4) = , p(5) = (b) Find P(x = 3). (Round final answer to 5 decimal pla

Exercises in Statistics: Finding Equilibrium Quantity and Equilibrium Price

1. The difference between two numbers is twelve. Three times the smaller number is four less than twice the larger number. Find the smaller number. 2. John has $20,000 to invest. As his financial consultant, you recommend that he invest in Treasury Bills that yield 5%, Treasury bonds that yield 7%, and corporate bonds that yi

Sample Space & Probability

The manager of a small business receives a shipment of five hard drives. Three hard drives are good and 2 are defective. If a computer repair shop purchases 3 of these stock of hard drives from the small business and the selection was made at random: 1. List the elements of the sample space S using the letters G and D for g

Site Preference for Restaurants

Suppose you manage Tennessee Grilled Pork, a fast food restaurant specializing in pork sandwiches and pork chops on a stick. You have decided to build a new restaurant and have 2 possible site locations (Site 1 and Site 2). Three groups of people make independent recommendations on site preference: the local management team, the

Statistical Analysis: Probability

1. Find the percentage of the total area under the standard normal curve between the given z-scores. a) Z=.64 and z =2.11 b) Z= -1.63 and z = -1.08 c) Z= - 2.91 and z = -.51 2. Find a z -score satisfying each of the given conditions a) 1% of the total area is to the left Z b) 25% of the total area is to the rig

Determining Employee Expenditure Using Probability

If you are asked to calculate the probability that a randomly selected employee's expenditure is exactly $5, what will be your answer? Why? Will your answer be the same for any individual expenditure? Assume that population of all employee expenditures follow a normal distribution. Could you set up an equation to find the z

Qualitative vs. Quantitative

See the attached file. 1. Describe the following variables as quantitative or qualitative, and describe the scales of measurement. A.)The distance a student commutes from home to the Berkeley campus. B.)The rating of a stock as "strong buy," "buy," "hold," or "sell." C.)The percentage of alcohol (in volume) i

Beginner's statistics

1. For each of the experiments described, let x determine a random variable and use your knowledge of probability to prepare a probability distribution . Use a tree diagram. Two dice are rolled and the total number of points is recorded. 2. According to the Web site of Mars, the makers of M&M'S plain chocolate candies, 2

Probability and standard deviation calculations

1. A fair die is rolled 2 times. Let A be the event that the outcome of the first roll is an even number. Let B be the event that the outcome of the second roll be less than 2. a. What is the probability that the outcome of the second roll is less than 2 given that the first roll is an even number? b. Are A and B independ

Probability Calculations in Statistics

The time required to complete a certain construction project follows a normal distribution with a mean of 43 weeks and a standard deviation of 3.7 weeks. Use this information to answer questions 1 through 3. 1. What is the probability of the completing the project in no more than 48 weeks? 2. What is the probability of t

Statistics: Probability Calculations

1. An airliner carries 50 passengers and has door with a height of 70in. Heights of men are normally distributed with a mean of 69.0 in and a standard deviation of 2.8in. a. If an male passenger is randomly selected, find the probability that he can fit through the doorway without bending. The probability is _______ b. if

Discrete Distributions

Share 1 real-world binomial distribution situation and 1 real-world Poisson distribution situation. Be sure to explain why each example is defined as binomial or Poisson. How would you characterize the difference between the two types of distributions?

Industrial filling process

The characteristics of an industrial filling process in which an expensive liquid is injected into a container was investigated. The quanitity injected per container is approximately normally distributed with mean 10 units and standard deviation .2 units. Each unit of fill costs $20 per unit. If a container contains less than

Normal distribution to approximate binomial distribution

Decide whether the normal distribution can be used to approximate the binomial distribution. If it can, use the z-test to test the claim about the population proportion p for the given sample statistics and level of significance a. ^ A. Claim: p

Identifying a Probability Distribution

Learning is a lifetime activity. For some, it means learning from everyday experiences; for others, it means taking classes in a more traditional atmosphere. The percentage of people participating in organized learning situations during 2002 for each age group is reported here by NIACE. Is this a probability distribution? Expl