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Data Collection in Business and Marketing

What are examples from the workplace related to how data are collected and displayed to facilitate the determination of probability in the resolution of business-related and marketing problems?

Binomial probability: left-handed people

1) Thirteen percent of people are left handed. You randomly select 8 persons and ask if they are left-handed. Find the probability that (a) exactly 6 persons are left handed, (b0 at least 6 persons are left handed, (c) less than 6 are left handed. a) P(exactly 6 of 8 are left handed) Round to four decimal places. b) P(at l

Find the Missing Probability

In the following probability distribution, a sociologist surveyed the households in a small town. The random variable x represents number of dependent children in the household. x 0 1 2 3 4 P(x) 0.08 0.19 0.37 ? 0.17 Determine the missing probability in this distribution. Round to the nearest hundredth.

Statistics: Probability Sample Problem and Solution

If 70 percent or more of the old bricks in a brickyard meet certain standards, it will be profitable to hire persons to sort the bricks. According to past experience with this brickyard, on average 70% of all the old bricks meet these standards. A random sample of 100 old bricks is taken from all the (many, many) bricks in the b

Graphical depiction, probability, confidence interval

1. Albert Abbasi, VP of Operations at Ingleside International Bank (IIB), is evaluating the service level provided to walk-in customers. Accordingly, his staff prepared the following distribution of waiting time for walk-in customers. Waiting Time Number of Customers (in minutes) 0-under 2 120 2-under 4 40 4-und

Happy Valley Machine Works Company: Probability

1. The Happy Valley Machine Works Company loses a shipment of its machines due to an error by one of its three executives (Harry, Sam and Mabel), but it cannot tell with certainty which executive was responsible for the error. On the basis of past performance, it is known that the probability that Harry would make such a mistake

Probability of random normal distribution

The time taken to cycle into College on any day is an independent random variable, which is normally distributed with mean 20 minutes and standard deviation 4 minutes. The time taken to cycle home is an independent random variable, which is normally distributed with mean 15 minutes and standard deviation 3 minutes. The total tim

Probability in the resolution of marketing problems

Name a workplace example that show how data collection and representation facilitate probability in the resolution of marketing-related or business problems? Outside of gambling, what wide-spread activities are governed by the binomial probability distribution? Are the results of these activities gathered and analyzed or are

To determine probability using probability tree

The Senate consists off 100 senators, of whom 34 are Republicans and 66 are Democrats. A bill to increase defense appropriations is before the Senate. Thirty-five percent of the Democrats and 70% of the Republicans favor the bill. The bill needs a simple majority to pass. Using a probability tree, determine the probability t

Probability of smokers: hospital case

A large research hospital has accumulated statistical data on its patients for an extended period of time. Researchers have determined that patients who are smokers have an 18% chance of contracting a serious illness such as heart disease, cancer, or emphysema, whereas there is only a .06 probability that a non smoker will cont

Shopping Probability Problem

Each Saturday a shopper visits one of three possible stores. She goes to Store A with probability ½, to Store B with probability ¼, and to Store C with probability ¼. If she goes to Store A there is a 60% chance that she will make a purchase. The corresponding figures for Stores B and C are 20% and 40% respectively. (i) What

Probability Problems: Normal distribution, Binomial distribution.

A)The mean of a normal distribution is 400 pounds. The standard deviation is 10 pounds. a) what is the area between 415 pounds and the mean of 400 pounds? b) what is the area between the mean and 395 pounds? c) what is the probability of selecting a value at random and discovering that it has a value of less than 395 pounds?

Distribution for Sales Product

Please explain the steps in details so I can understand how the answers are derived: A retail store experiences the following probability distribution for sales of a product. Sales (units) 0 1 2 3 4 5 6 Probability 0.08 0.12 0.28 0.24 0.14 0.10 0.04 a .Set up intervals of random numbers that can be used

What is the probability?

A) The Ludlow Wildcats baseball team, a minor league team in the Cleveland Indians orgainzation, plays 70 precent of their games at night and 30 percent during the day. The team wins 50 percent of their night games and 90 percent of their day games. According to today's newspaper, they won yesterday. What is the probability

Statistical Probability Calculations

Please contribute your analysis and comment. Credit card companies have aggressively solicited new accounts from students who are new homeowners. Suppose that a sample of 150 new homeowners indicated the following information as to whether they possessed a Visa Card or an American Express Card.

Statistical Probability and Frequency Distributions

1. The personnel department at Hayes Air West is interested in studying the monthly applicant flow for our entry level service jobs. Find the mean and st. deviation for the following frequency distribution: Job applicants/month f 78-85 45 86-93 78 94-101 115 102-109 40 110-117 15 118-125 4 Mean: St. Dev.: 2. Given

Life Insurance Policy Payout Probability

The probability that Traci Muldone will die during the 10-year term of a life insurance policy is assessed by the insurance company at 1/5. Arthur Average's probability of living to the end of the 10-year period is reckoned at 95% What is the probability that at the end of the 10 years (a) both (b) one or the other, but not bo

Probability function and distribution

(See attached file for full problem description) --- 1. Given the probability function P(x)=(2x-1)/16, for x=1,2,3,4. a. Write the probability distribution: b. Find the U (pop. mean) c. Find the O (pop. SD) 2. The number of cars to be worked on by a mechanic at ABC garage is a random represented x. The probability dist

Normal Distributions and Sample Means

The fill amount of bottles of soft drinks has been found to be normally distributed with a mean of 2.0 liters and a standard deviation of 0.05 liter. If a random sample of bottles is selected, what is the probability that the sample mean will be between 1.99 and 2.0 liters? A. 0.4772 B. 0.5228 C. 0.9544 D. Cannot be deter


An on the job injury occurs once every 10 days on average, at an auto plant. WHat is the probability that the next on the job injury will occur within 10 days? A. .9513 B. .8647 C. .6500 D. .6321


The probability that a standard normal random variable, Z, is between 1.00 and 3.00 is: A. 0.1574 B. 0.3158 C. 0.5456 D. 0.9544

Probability of Community and Diabetes

3. If the probability of a skin diver in a certain community having untreated diabetes is 0.15, what is the probability that two totally unrelated skin divers from the community do not have untreated diabetes? (Assume independence) 4. A shipment of 100 tires from the Apex Tire Corporation is known to contain 20 defective tire

Probability of Hamburger or Chicken Preference

A survey is taken among customers of a fast food resturant to determine preference for hamburger or chicken. Of 200 respondents selected, 75 were children and 125 were adults. 120 preferred hamburger and 80 preferred chicken. 55 of the children preferred hamburger. What is the probability that a randomly selected individual

Probability that a Surveyed Employee Picked has a Spouse & Degree

The employees of a company were surveyed on questions regarding their education background and martial status. Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is married and has a college degree is: A. 40/600 B. 340/600

Statistics Matlab Project : Simulate the Number Pi

5. 'Simulate the number pi'. Simulate n uniformly distributed random points in the square K={?1<x<1. ?1<y<1} Determine the number of points, m, that fall into the unit disk x2+y2 < 1. Note that the probability for a random point to be in the unit disk is pi/4. By the law of large numbers we expect m/n converges to pi/4 as n-->

Binomial Option Pricing, Black Scholes Option Pricing

5) Binomial Option Pricing: Suppose we live in a 3 period Black-Scholes world, t=0,1,2 whichidentify as follows. There is a stock with price S(0)= 1 in period 0.In each period , t=1,2, the price can either go up to u. S or down to d.S. Suppose u=1.2 and d=0.9. Suppose that the interest rate is constant at 4%. A) What i

7 Basic Probability Problems

See the attached file. 1. A certain coin has the same probability of landing heads as it does landing tails - but this coin is special, because it also has a 30% chance of landing on its side. a. What is the probability of this coin landing heads? b. What are the odds against this coin landing on its side? c. If this coin is

Calculating probabilities

For people with a certain disease, the length of time Y spent in remission is described by the following pdf f(y) = (1/9)y^2, 0<=y<=3 where Y is measured in years. What is the probability that a patient's remission lasts longer than 1 year?

Statistics question: Probability problems

1. An investor owns three common stocks. Each stock, independent of the other, has equally likely chances of: (1) increasing in value, (2) decreasing in value, (3) remaining the same value List the possible outcomes of this experiment. Estimate the probability at least two of the stocks increase in value.