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Probability

Real Estate Stats Confidence Interval

Assume you have a real estate investor client who wants you to answer some specific questions about housing in the neighborhood encompassed by the 5 townships in your Real Estate Data Set. Further assume that you have collected this random sample in an effort to answer your client's questions using statistical tools.: 1. Des

(1) Find the probability that the elevator will be overloaded if 16 people are in the elevator. (2) How many passengers would you recommend if you wanted to be sure that the overloading probability is less than 0.001?

An elevator has a design capacity of 2,560 pounds and a posted limit of 16 passengers. The weight of adults is approximately normal with a mean of 150 pounds and standard deviation of 20 pounds. Find the probability that the elevator will be overloaded if 16 people are in the elevator. How many passengers would you recommend

Probability Calculations for JENN Inc.

JENN Inc. supplies under-hood emission control air pumps to the automative industry. The pump is vacuum-powered and works while the engine is operating., cleaning the exhaust by pumping extra oxygen into the exhaust system. If a pump fails before the vehicle in which it is installed has traveled 50,000 miles, Federal emission re

Statistics and Process Capability : LSL, USL and CpK

Please help with the following problem. A data set contains 16 measurements as follows: 1525; 1561; 1541; 1532; 1499; 1551; 1554; 1528; 1514; 1548; 1534; 1505; 1500; 1538; 1529; 1519 the calculated mean = 1530 and the calculated std deviation = 19 The USL and LSL are respectively 1560 and 1510 and I, therefore, deri

Discrete and Continuous Probability Distributions

Business Applications When only the value-added time is considered, the time it takes to build a laser printer is thought to be uniformly distributed between 8 and 15 hours. a. What are the chances that it will take more than 10 value-added hours to build a printer? b. How likely is it that a printer will require fewer t

Probability Distribution - E-mail Potential Acquisition

E-mail Potential Acquisition You've done a great job so far, but we need you to investigate another situation. BankTen is considering an acquisition and has narrowed the possibilities to three companies. All three of these acquisitions are ongoing businesses with a profit stream and can be acquired for about the same amount o

Probability of selling life insurance

1. The probability that a life insurance salesperson following up a magazine lead will make a sale is 30%. A salesperson has two leads on a certain day. What is the probability that the salesperson will sell: a. Both b. Exactly one policy c. at least one policy

Continuous Probability Distribution at Hydronics Company

DATA ATTACHED The Hydronics Company is in the business of developing health supplements. Recently, the company's R&D department came up with two weight-loss plans that included products produced by Hydroniccs. To determine whether these products are effective, the company has conducted a test. A total of 300 people who eac

Discrete and Continuous Probability Distributions

East-West Translations publishes textbooks of ancient Oriental teachings for English-speaking universities. The company currently is testing a computer-based translation service. Because Oriental symbols are difficult to translate, East-West assumes the computer program will make some errors, but then so do human translators.

Discrete Probability Distributions Gateway 2000 Inc.

5.18 Gateway 2000, Inc., receives large shipments of microprocessors from Intel Corp. It must try to ensure that the proportion of microprocessors that are defective is small. Suppose Gateway decides to test five microprocessors out of a shipment of thousands of them. Suppose that if at least one of the microprocessors is de

Determining the probability of surviving for 3 years using the data given

The question is based on the following information: --------------------------------------------------------------------------------- No. of Patients Alive on each anniversary Year of Treatment No. of Pati

Introduction to Probability Distribution.

At one Las Vegas casino, if you net \$5 that a 12 will come up as the total points on two dice, and you win, you will get back \$50. If any total other than 12 comes up, you get back \$0. based on the assumption that the dice are fair, what is the expected payoff for placing this bet?

Introduction to Probability Distribution

A Courtyard Hotel by Marriott conducted a survey of its guests. Sixty-two surveyors were completed. Based upon the data from the survey, (see attached) determine the following: a) Two customers are selected. What is the probability that both will be on a business trip? b) What is the probability that a customer will be on

The Rules of Probability

#1 A manager of a gasoline filling station is thinking about a promotion that she hopes will bring in more business to the full-service island. She is considering the option that when a customer requests a fill-up if the pump stops with the dollar amount at \$9.99, the customer will get the gasoline-free. Previous studies show

Creating a Decision Tree in Excel

Management at Canron, a switch maker, is confronting a problem of determining whether or not to develop a new ultra power optical switch. The research and development costs of developing such a switch is estimated to be \$25 million. If the company goes ahead with the R&D and develops the switch, a crucial issue is whether or not

Continuous Probability Distribution - Statistical Analysis

JENN Inc. supplies under-hood emission control air pumps to the automotive industry. The pump is vacuum-powered and works while the engine is operating., cleaning the exhaust by pumping extra oxygen into the exhaust system. If a pump fails before the vehicle in which it is installed has travelled 50,000 miles, Federal emission r

Microprocessors Probability Statistics

1. Gateway 2000, Inc., receives large shipments of microprocessors from Intel Corp. It must try to ensure that the portion of microprocessors that are defective is small. Suppose Gateway decided to test five microprocessors out of shipment of thousands them. Suppose that if at least one of the microprocessor is defective, the

Construct a Contingency Table

Question 1 The table below contains the opinions of a sample of 200 people (broken down by gender) about the latest congressional plan to fund abortion clinics. For Neutral Against Totals Female 38 54 12 104 Male 12 36 48 96 Totals 50 90 60 200 Find the probability that a randomly selected a)person would be

The solution discusses the sample space and probabilities of die

Question 3 An experiment consists of rolling one die. Let A be event that the die shows more than one, B be event that the die shows more than 4, and C be event that die shows an even number. a) List the sample space of this experiment. b) Find P(A), P(B), P(C) c) Find P(A or C), P(A or B), P(A and C), P(B and C) d) A

8 Statistics Questions: Expected profit, probability, product demand, median life

Question 1 An investment can lead to a profit of \$10,000, \$5,000, \$4,000, and \$1,000, with respective probabilities of .4, .3, .2, and .05. In addition, there is a 3 percent chance of breaking even and a small chance of losing \$10,000. Find the expected profit. Question 2 A car dealership has combined all popular opti

Probability Calculations for Auto Accidents

A study of a certain road intersection revealed that the mean number of auto accidents per month at the intersection is 3.4. Assuming the distribution of accidents per month is Poisson. (A) Find the probability that there are exactly 4 accidents in some month. (B) Find the probability that there are no accidents in some mont

Statistics: Poisson and Normal Distributions

1. A city had an average of 2.6 lightning storms per month. What is the probability of at least 3 lightning storms during a month? A. 12.26% B. 21.76 % C. 26.40% D. 48.16% E. none of the above 2. If the number of miles per gallon (mpg) achieved by cars of a particular model has a mean of 25 and a standard devia

Potential Acquisitions

You've done a great job so far, but we need you to investigate another situation. BankTen is considering an acquisition and has narrowed the possibilities to three companies. All three of these acquisitions are ongoing businesses with a profit stream and can be acquired for about the same amount of capital. Each of these acq

Linear Programming

You are given the choice of three doors. Behind one is a new car and the others hide a barnyard animal for you to keep. After you choose door number one, your host (Monty) opens door three to reveal a goat. He then asks you if you would like to switch to door two. Has the probability of success gone from 1/3 to 1/2 and then s

Mutually Exclusive

The events A and B are mutually exclusive. Suppose P(A)=0.30 and P(B)=0.40. What is the probability of either A or B occurring? what is the compliment of event A? What is the meaning?

Constructing a probability distribution table

1. A person flips a quarter, dime, and nickel. Let x be the number of tails. Complete this probability distribution table. X 0 1 2 3 P(x) 2. For the following normal distribution problems find the indicated values. Include a sketch of the appropriate area with each answer. The area to the left of z = 1.25 The are

Compute an EVPI

A payoff table is given as s1 s2 s3 d1 250 750 500 d2 300 -250 1200 d3 500 500 600 The probability of each state is .2 .4 and .4 in order. What is the EVPI? 925 240

Question about finding a probability

It is estimated that 3% of the athletes competing in a large tournament are users of an illegal drug to enhance performance. The test for this drug is 90% accurate. What is the probability that an athlete who tests positive is actually a user? .2177 .7823 .10885 .4354

Compute a probability given a pdf

Assume that the time required to download a file from the Internet is exponentially distributed with mean equal to 4 minutes. What is the probability that a download will require at least 2 but not more than 4 minutes? (to five decimal places --- 0.xxxxx)

Probablity: Getting to Bed to Be Sufficiently Rested for Class

Jane has an early class tomorrow morning. She knows that she needs to get to bed by 10:00 pm in order to be sufficiently rested to concentrate and participate in class. However before she goes to bed, she must start and then complete a homework assignment which is due tomorrow morning. According to her experience, the time it ta