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    Decision Analysis

    1. The Oakland Bombers professional basketball team just missed making the playoffs last season and believes it needs to sign only one very good free agent to make the palyoffs next season. The team is considering four players: Barry Byr4d, Raneal O' Neil, Marving Johnson, and Michael Gordan. Each player differs accordign to

    Probability for Accumulated Snowfall

    Problem 1 Molly Dymond and Kathleen Taylor are considering the possibility of teaching swimming to kids during summer. A local swim club opens its pool each day so it is available to rent during the morning. The cost of renting the pool during the 10-week period for which Molly and Kathleen would need it is $1,700.

    Coin Flip Probabilities

    A first coin (coin #1) that has a probability p of coming up heads is tossed n times. When the first coin (coin #1) comes up heads another coin (coin #2) that has a probability r of coming up heads is tossed. Let Z be the random variable giving the number of times the second biased coin (coin #2) comes up heads. What is the

    Probability that defective radio returned to store came from


    Probability that US resident is 25-44 years old, older than 24

    The following table contains information on the 2002 resident population of the U.S., by age. (Source: The New York Times Almanac 2004, page 277.) Age: < 18 18 - 24 25 - 44 45 - 64 65 + Questions Number in Thousands 1107108 452196 1270419 1068243 588542 If a resident of the U.S. is chosen at rando

    Probability: Business Travelers and Golf

    A) 40% of business travelers carry either a cell phone or a laptop computer (USA Today, September 12, 2000). For a sample of 15 business travelers, compute the probability that 3 of the travelers carry a cell phone or a laptop. b) Through the week ending September 16, 2001, Tiger Woods was the leading money winner on

    Statistics: Probability of women being selected for executive positions

    Affirmative action commitments by industrial organizations have led to an increase in the number of women in executive positions. Satellite Office Systems has vacancies for two executives that it will fill from among four women and six men. What is the probability that no woman is selected? What is the probability that at

    Sample of 100: How many out of every 1,000 cars assembled should have defects?

    A new car was put into production. It involved many assembly tasks. Each car was inspected at the end of the assembly line and the number of defects per unit was recorded. For the first 100 cars produced, there were 40 defective cars. Some of the cars had no defects; a few had one defect, and so on. The distribution of defects f


    Suppose Babsie generated the following probability distribution: X p(x) 5 .25 7 .30 10 .25 12 .05 15 .15 a. Is this probability distribution discrete or continuous? Explain your reasoning. b. Calculate the expected value of X. Show your work!! c. Calculate the variance of X. Show your work!!! d.

    Probability: Fantasy Sports Example

    Suppose 30% of students play fantasy sports, that is, ¼ = 0:3. You have drawn a simple random sample of size 400 from this population. Let p denote the proportion of the sample that play fantasy sports. Compute the probability that for your sample of 400 students, p will fall between .27 to .33 (i.e., within +/- .03 of .3).

    Probability: Earthquake Example Problem

    Based on the historical earthquake activity provided below, what is the probability that an earthquake with a magnitude of 6.0 or greater will strike Los Angeles in the year 2010 and beyond. Please use at least 5 statistical concepts that you may find applicable to the problem. Concepts I have studied: Standard deviation, Probab


    1. Suppose that for a 5-year-old automobile, the probability the engine will need repair in year 6 is 0.3, while the probability that the tires need replacing in year 6 is 0.8. The probability that both the engine will need repair and the tires will need replacing in year 6 is 0.2. What is the probability that the tires will nee

    Binomial Distribution: Probability Example Problem

    A company has 125 personal computers. The probaility that any one of them will require repair on a given day is 0.15. Assuming that the number of computers that requires repair on a given day follows a bionomial distribution, compare that there will be no more than 8 computers that require repair on a given day.

    Uniform Distribution: Time Interval Between Light Bulbs

    Suppose the time interval between two consecutive defective light bulbs from a production line has a uniform distribution over an interval from 0 to 90 minutes. What is the probability that the time interval between consecutive light bulbs will be at least 80 minutes?


    A. Assuming that the distribution of IQ is accurately represented by the bell curve in Figure 5.16, determine the proportion of people with IQs in each of the five cognitive classes defined by Herrnstein and Murray. Figure 5.16 The distribution of IQ (See the attachment) b. Although the cognitive classes above are defined

    Finance calculations using excel

    Our midterm is going to be similar to problems I have posted. I need assistance in completing these type of problems using excel. Can you please assist?


    18. Suppose that the sales manager of a large automotive parts distributor wants to estimate as early as April the total annual sales of a region. On the basis of regional sales, the total sales for the company can also be estimated. If, based on past experience, it is found that the April estimates of annual sales are reasonabl

    Probability a Student is an Engineering Major

    At a certain college, there were 600 science majors, 200 engineering majors, and 500 business majors. If a student is selected at random, what is the probability that the student is an engineering major?

    Cherry Trees: Computing the Probability

    The average height of flowering cherry trees in a nursery is 11 feet. If the heights are normally distributed with a standard deviation of 1.6, find the probability that a randomly selected cherry tree in this nursery is less than 13 feet tall.

    Time to finish the job

    An employer wants to set a time limit so that 90% of the employees will finish a job on time. Past history has shown that the time required to do the job is normally distributed and has a mean time of 28 minutes with a standard deviation of 5 minutes. How much time should the employer allow employees to finish the job? (Round

    Z-Score and Probability

    1: Given the standardized normal distribution (with a mean of 0 and a standard deviation of 1, as in table E.2), what is the probability that A: Z is less than 1.57? B: Z is greater than 1.84? C: Z is between 1.57 and 1.84? D: Z is less than 1.57 or greater than 1.84? 2: The breaking strength of plastic bags used for p

    Statistics Quantitative Analysis: Probability and frequency distribution

    Probability A certain state is contemplating creating a weekly lottery, the revenues from which will be used to fund improvements in the state's public education system. The commission chartered to develop the guidelines for the proposed lottery envisions using a process whereby six (6) balls will be randomly selected from a

    Statistics: Probability Example Questions

    1: When a customer places an order with Rudy's On-Line Office Supplies, a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded his or her credit limit. Past records indicate that the probability of customers exceeding their credit limit is 0.05. Suppose that, on a given d

    Calculating premium amount

    Accident records given by an insurance company give the following information. The probability that an insured driver has an accident is 0.15. If an accident occurs, the damage to the vehicle amount to 20% of its market value 80% of the time, to 60% of its market value with probability 0.12, and a total loss with a probability o

    Probability of Rejecting the Ledger

    An auditor takes samples from ledgers to decide whether to certify or reject the ledger. The sampling method used is to select 10 entries at random from the ledgers and then analyze each for errors. If the auditor finds no errors he certifies the ledger. If he finds 2 or more entries with errors he rejects the ledgers. If the au