What is the optimal action using the EMV criterion?
EVENT PROBABILITY ACTION A ACTION B 1 0.5 400 700 2 0.5 200 500 Referring to the table above, what is the optimal action using the EMV criterion? ACTION A ACTION B EITHER ACTION A OR B IT CANNO
Probability
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Tree Diagrams for Conditional Probabilities
Please see attached file for full problem description. Tree diagrams for conditional probabilities A course in statistics is one of the most difficult at the local university. Because of this, for the past decade the university has arranged for teaching assistants to hold frequent discussion sessions as part of the course.
probability of selecting gloves randomly
A box of 9 gloves contains two left handed gloves and seven right handed gloves. a: If two gloves are randomly selected from the box, without replacement, what is the probability that both gloves will be right handed? b: If two gloves are randomly selected from the box without replacement, what is the probability that ther
Probability calculation for normal distribution ..
1. The average salary for graduates entering the actuarial field is $40,000. If the salaries are normally distributed with a standard deviation of $5,000, find the probability that a) An individual graduate will have a salary over $45,000. b) A group of nine graduates will have a group average over $45,000. 2. The natio
Calculation of probability based on sampling distribution is discussed in the answer.
Replacement times for new Ford Taurus GL automobiles are normally distributed with a mean of 7.1 years and a standard deviation of 1.4 years. Find the probability that seven randomly selected Taurus GL automobiles will have a mean replacement time greater than 7.0 years. Among U.S. households, 24% have telephone answer
Probability of Trip Duration
The time it takes to travel from home to the office is normally distributed with: (mean) = 25 minutes and (standard deviation) = 5 minutes. What is the probability the trip takes more than 40 minutes?
Probability of Gas Mileage
The average gas mileage of a certain model car is 30 miles per gallon. If the gas mileages are normally distributed with a standard deviation of 2.1, What is the probability that a car has a gas mileage of between 29.8 and 30.6 miles per gallon?
What is the probability that a tree is less than 13 feet tall?
The average height of flowering cherry trees in a nursery is 11 feet. The heights are normally distributed with a standard deviation of 1.6, What is the probability that a tree is less than 13 feet tall?
Probability Determination of Standard Normal Distribution
What is the probability P(0.36 < z < 1.43) using the standard normal distribution?
Normally Distributed Age of Doctors
The average age of doctors in a certain hospital is 43.0 years old with a standard deviation of 8.0 years. If 25 doctors are chosen at random for a committee, what is the probability that the mean age of those doctors is less than 43.96 years. The variable is normally distributed. Need the probability that the mean age of the
Inventory Control - Monte Carlo Simulation
Good Day, Could you please assist with the attached question. Regards Q3 - Inventory Control: Monte Carlo Simulation A bookstore wishes to carry a certain book in stock. Demand is probabilistic and replenishment of stock takes two days (i.e. if th
In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense.
In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense. On the other hand, the warranty period must be long enough to make the purchase attractive to the buyer. For a new HDTV the mean number of months until repairs are needed is 36.84 with a standar
The solution gives the steps involved I the calculation of probability based on Z score.
38. The accounting department at Weston Materials, Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 32 hours and a standard deviation of 2 hours to erect the Red Barn model. Assume the assembly times follow the normal distribution. 1. Determine the z values for 29 a
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students: Major Gender Accounting Management Finance Total Male 100 150 50 300 Female 100 50 50 200 Total 200 200 100 500 1. What is the probability of selecting a female stud
Quantitative Methods - Probability Questions
1. The table below gives the qualification profile of the managers of a certain company: QUALIFICATION SECTION HEAD DEPARTMENT HEAD DIVISION HEAD MATRIC 26 12 10 DIPLOMA 18 2
Assume that an exponential probability distribution applies to the waiting times.
Please show all work. 11.To harvest all the wheat from a field requires 5 sunny days (although not necessarily consecutive days) and a farmer only has one week left to get the job finished. Given that the probability of any day being sunny is 0.7, calculate the probability that the farmer will be able to get the wheat harves
Elements of Sample Space
A) Toss a coin 4 time or toss 4 coins once. List the elements of the sample space of the experiment. b) how many 4-digit numbers can be formed from the digits 3.4.5.6.7.8.9 if - each digit can be used only once - the digits may be repeated?
Employees of a local university has been classified
Bus stats homework 2 6) employees of a local university has been classified according to gender and job type. The following Job Male female Faculty 110 80 Salaried staff 30 50 Hourly staff 60 40 If an employee is selected at random, what probability that the employee is male and salaried? 3 dec. 7) Employees of a
Average Profit and Basic Probability
1. A ski resort profits $1,200,000 during a good winter with lots of snow. The resort has a loss of $450,000 otherwise. The resort's historical climate data suggests that the probability of a good winter with lots of snow during any given year is 60%. What is the expected profit for the ski resort? Show significant work to justi
Probabilities and Binomial Distributions
An investment opportunity has several outcomes as shown in the table. The amounts are in dollars. The probability for each amount is given on the second line of the table. Please answer the questions posted in the attachment.
Is lack of sleep causing traffic fatalities?
Please show work. 45. Is lack of sleep causing traffic fatalities? A study conducted under the auspices of the National Highway Traffic Safety Administration found that the average number of fatal crashes caused by drowsy drivers each year was 1550 (Business Week, January 26, 2004). Assume the annual number of fatal crashes
A Myrtle Beach resort hotel has 120 rooms. In the spring months, hotel room occupancy is approximately 75%.
Please show work. 31. A Myrtle Beach resort hotel has 120 rooms. In the spring months, hotel room occupancy is approximately 75%. a. What is the probability that at least half of the rooms are occupied on a given day? b. What is the probability that 100 or more rooms are occupied on a given day? c. What is the probabi
Normal Distribution and Final Examination Probability
Please show work. 23. The time needed to complete a final examination in a particular college course is normally distributed with a mean of 80 minutes and a standard deviation of 10 minutes. Answer the following questions. a. What is the probability of completing the exam in one hour or less? b. What is the probabil
Normal probability calculation ..
Please show work. 5. The driving distance for the top 100 golfers on the PGA tour is between 284.7 and 310.6 yards (Golfweek, March 29, 2003). Assume that the driving distance for these golfers is uniformly distributed over this interval. a. Give a mathematical expression for the probability density function of driving di
Delta Airlines quotes a flight time of 2 hours, 5 minutes for its flights from Cincinnati to Tampa
Show work please. 3. Delta Airlines quotes a flight time of 2 hours, 5 minutes for its flights from Cincinnati to Tampa. Suppose we believe that actual flight times are uniformly distributed between 2 hours and 2 hours, 20 minutes. a. Show the graph of the probability density function for flight time. DON'T WORRY ABOUT
Simulation Problem - The service time at an inspection station is defined by the following distribution
The service time at an inspection station is defined by the following distribution. Service time(min) Probability Cum. Prob. RN Range 35 0.10 ? ? 45 0.20 ? ? 55 0.30
A metropolitan school system consists of three school districts
A metropolitan school system consists of three school districts-norths, south, central. The north district contains 25% of all students, the south district contains 40%, and the central district contains 35%. A minimum-competency test was given to all students; 10 % of the north district students failed, 15% of the south dis
Consider a binomial experiment with two trials and p = .4
The use of the tables is fine for b, c, and d. 25. Consider a binomial experiment with two trials and p = .4. a. n/a b. Compute the probability of one success, f(1). c. Compute f(0). d. Compute f(2). e. Compute the probability of at least one success. f. Compute the expected value, variance, and standard deviatio
Probability Mass Function and Room Occupany
An entrepreneur owns a small bed and breakfast inn with five rooms. Let the random variable X be the number of rooms that are occupied by guests each night. A portion of the probability mass function appears below. X 0 1 2 3 4 5 P(x) 0.2 0.25
Panic Attacks and Exponential Distribution
It has been demonstrated that the time until a panic attack is experienced by students during a statistics exam can be modeled as an exponential distribution with λ equal to .037^-1 minutes. a) What is the probability that a student taking a statistics exam will experience his/her first panic attack within the first 10 m