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Probability

Using probability in your profession and real life

Do you use probability in your profession or real life? You most likely do. For example, chance of rain tomorrow is 27%. We hear similar probabilities in the media all the time. Similar probabilities could be found in other professions. Using a search engine, find an example of probability that is used in your chosen profession

Binomial Probability

Gary Schwartz is the top salesman for his company. Records indicate that he makes a sale on 70% of his sales calls. If he calls on four potential clients, what is the probability that he makes exactly 3 sales? What is the probability that he makes exactly 4 sales?

Rate of return (X) on a proposed investment is approximately

5.  A venture capital company feels that the rate of return (X) on a proposed investment is approximately normally distributed with a mean of 30% and a standard deviation of 10%. a.  Find the probability that the return will exceed 55%. b.  Find the probability that the return will be less than 22% 6.  The life expe

Analysis of Statistics Binomial Mound Shaped Distribution Statistical

It has been conjectured by the U.S. Census Bureau that "approximately 60% of foreign-born people who live in the U.S. are not naturalized citizens". Suppose that in a national random sample of 70 foreign-born people who live in the U.S. that exactly 32 of them are not naturalized citizens. Select the best answer below. Choose

probability and SD, mean

The amount of time a bank teller spends with each customer has a population mean mx = 3.1 minutes and population standard deviation sx = 0.4 minute. a) What is the probability that for a randomly selected customer the service time would exceed 3 minutes? b) If many samples of 64 were selected, what are mean and standard e

Probability Problems including Continous Random Variables

I have 100 items of a product in stock. The probability mass function for the product's demand D is P(D=90)=P(D=100)=P(D=110)=1/3 a) find the mass function, mean and variance of the number of items sold. b) find the mass function, mean, and variance of the amount of demand that will be unfilled because of the lack of stock.

The following table is from the Social Security Actuarial Tables.

7) The following table is from the Social Security Actuarial Tables. For each age, it gives the probability of death within one year, the number of living out of an original 100,000 and the additional life expectancy for a person of that age. Determine the following using the table: a. To what age may a female of age 60 expec

Find the Mean for the Binomial Probability Distribution.

Imagine you are the CEO of a local bank whose credit card holders engage in 1 billion credit card transactions per year; that the likelihood of a fraudulent transaction is 2%; that the average transaction purchase value for all transactions is equal to $38.50; and that the bank bears the full cost of all fraudulent transactions

Social Security Actuarial Tables

The following table is from the Social Security Actuarial Tables. For each age, it gives the probability of death within one year, the number of living out of an original 100,000 and the additional life expectancy for a person of that age. Determine the following using the table: a. To what age may a female of age 60 expected

Probability

1) For the following questions, would the following be considered "significant" if its probability is less than or equal to 0.05? a.Is it "significant" to get a 12 when a pair of dice is rolled? b. Assume that a study of 500 randomly selected school bus routes showed that 480 arrived on time. Is it "significant" for a schoo

Probability Distribution: Cards, Cummulative Distribution

Construct the probability distribution for the value of a 2-card hand dealt from a standard deck of 52 cards (all face cards have a value of 10 and an ace has a value of 11). a. What is the probability of being dealt 21? b. What is the probability of being dealth 20? c. Construct a chart for the cumulative distribution fun

Find mean and standard deviation from probability distribution

Dogs Households 0 1327 1 402 2 162 3 47 4 28 5 11 (a) Use a frequency distribution to construct a probability distribution x P(x) 0 1 2 3 4 5 Round to the nearest Thousandth as needed Dogs 0 1 2 3 4 5 Households 1327 402 162 47 28 11 (b) Find the mean of the probability distribution U =

Binomial Probability: Expected Value and the Standard Deviation

In the past few years out sourcing over seas has become more frequently used than before by U.S. companies. However, out souring is not with out problems. A recent survey indicates that 20% of the companies that outsource over seas use consultant. Suppose 7 companies that outsource are selected randomly (use formula) a. What

Statistics

Performance/Sector BioTech IT Positive 23% 17% Negative 7% 53% The table above displays data on the composition and performance of the Massachuse

Probability: Light Bulbs

Two lighting systems are being proposed for an employee work area. One requires fifty bulbs, each having a probability of 0.05 of burning out within a month's time. The second has onehundred bulbs, each with a 0.02 burnout probability. Whichever system is installed will be inspected once a month for the purpose of replacing b

Generating Geometric distributions using induction

I need assistance with the attached problem. It requires me to show that a given algorithm generates the geometric distribution. Please see the attached document for details. Show that the following algorithm is valid for generating X -- geom(p) 1. Ler i=0. 2. Generate (please see the attached file) independent of any

Random variable with exponential distribution

Please see the attachment for the full problem description. 1. A single observation of a random variable having an exponential distribution with ---- If the null hypothesis is accepted if and only if the observed value of the random variable is less than 3. a) Find the probabilities of Type I and Type II errors. b) W

Pepsi: probabilities, sensitivity analysis, decision tree

Please construct the decision tree for the problem attached, insert the probabilities and values as given in the scenario (make sure to include in the tree the possibility that the one-month forecast is favourable or not), roll back the tree, and determine the course of action that PEPSI should take. Perform a sensitivity ana

Probabilities: Online Police Department, Excite Poll

3. The Online police department was asked by the mayor's office to estimate the cost of crime to citizens of Online. The police began their study with the crime of identity theft, taking a random sample of files (there is too much crime to calculate the statistics for all the crimes committed). They found the average dollar lo

Age Distribution in the United States: Question

The following table gives the approximate age distribution in the United States from the 2000 census. Age Population 19 & under 29% 20 - 34 21% 35 - 59 34% 60 - 84 15% 85 & over 1% a. Does the dat

Probabilities Standard Normal Variables

1. Given that z is a standard normal variable, compute the following probabilities a. p(z less than or equal to -1.0) b. p(z is greater than or equal to 1) c. p( z is greater than or equal to - 1.5) d. p(-2.5 less than or equal to z) e. p(-3 < z is less than or equal to 0) f. p(-1.98 less than or equal to z less than or eq

discrete probability distribution and continuous probability

Give an example representing a discrete probability distribution and another example representing a continuous probability distribution. Explain why your choices are discrete and continuous. Please provide me an insightful analysis of the question is lengthy in response and include specific examples.

Group 6 and Group 7 Statistics Questions

Please answer the questions listed below (see attachment for formatted questions): Group 6 Airlines sometimes overbook flights (that is, they sell more tickets than there are seats on the plane). Suppose that for a plane with 50 seats, 55 passengers have tickets. Define the random variable X as the number of ticketed pass

T-Distributions with Excel Formulas

Please help with the following problem. For a t distribution with 16 degrees of freedom, find the area, or probability, in each region. a.) To the right of 2.120. (Use 3 decimals.) __________ b.) To the left of 1.337. (Use 2 decimals.) __________ c.) To the left of -1.746. (Use 2 decimals.) __________ d.

Probability question with an OR statement

If two dice are thrown, what is the probability that the first die shows a 4 or that the total on the two dice is 8? So far in calculations: Event A = 4/36 Event B = 5/36 (4/36 + 5/36) - 1/36 = 8/36 or 2/9 which is not the correct answer.

Normal random variable

A drug company believes that the annual demand for a drug will follow a normal random variable with a mean of 900 pounds and a standard deviation of 60 pounds. If the company produces 1000 pounds of the drug, what is the chance (rounded to the nearest hundredth) that it will run out of the drug? Assume that the only way to meet

Probability Statistics Problem

Suppose that 1% of all people have a particular disease. A test for the disease is 99% accurate. This means that a person who test positive for the disease has a 99% chance of actually having the disease, while a person who test negative for the disease has a 99% chance of not having the disease. If a person tests positive fo

A roulette wheel contains the integers 1 through 36, 0, 00

A roulette wheel contains the integers 1 through 36, 0, 00. Suppose that you spin the wheel 6 times and that each time you bet on a single number. What is the probability (rounded to nearest 100th) that you win on at least one bet? Possible answers: 0.09, 0.11, 0.13, 0.15, none of the above.

Joint Probability Table

Health Insurance (Proportion of Population) Yes No Age 18 to 34 750 170 35 and older 950 130 a. Develop a joint probability table for these data and use the table to answer the remaining questions. b. What do the mar