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    Probability

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    Correlation, Z-score, hypothesis, probability

    1. True or false. a. The decision to use z-scores or Student's t-scores depends first on the size of the sample. b. When there is correlation between two data sets, there is always an underlying cause. c. The probability of an event plus the probability of the complementary event always equals 1. d. The population parame

    MaxiMin - MiniMax, Expected Value

    The marketing department of a soft-drink company wishes to determine the maximum expected payoff from introducing a new crystal-clear drink. Assume that the marketing department works in a risk taking company. Which decision would they likely pursue? (MaxiMax) Calculate the opportunity lost table. Assume that the mark

    Statistical Probability Tree

    See the attached file. Your firm is planning a new style of advertising and figures that the probability of increasing the number of customers is 0.63, while the probability of increasing sales given an increase in the number of customers is 0.651. Also assume that when there is no increase in the number of customers, there is

    Statistics and Probability

    A sample of 2,000 licensed drivers revealed the following number of speeding violations. Number of Violations Number of Drivers 0 1,910 1 46 2 18 3 12 4 9 5 or more 5 Total 2,000 What is the experiment? List one possible event? What is the probability that a particular drive had exactly two

    Statistics Problems

    1. What is the value of the binomial coefficient: combination 100 and zero? 2. If 60 percent of US households live with one or more pets and 4 of these US households are selected at random without replacement, what is the probability that the number of households has one or more pets, at most three? 3. A quantitative data set

    Probability and Sample Size

    See attached file for full problem description. 15. Captain D's tuna is sold in cans that have a net weight of 8 ounces. The weights are normally distributed with a mean of 8.025 ounces and a standard deviation of 0.125 ounces. You take a sample of 36 cans. Compute the probability that the sample would have a mean: a.

    Probability & Usage Guarantee

    11. A statistics instructor collected data on the time it takes the students to complete a test. The test taking time is uniformly distributed within a range of 35 minutes to 55 minutes. a. Determine the height. b. How long does the typical test taking time? c. Determine the standard deviation of the test taking time.

    What is probability?

    What is probability? How is probability concept used in making business decisions? Please explain with real life examples.

    Statistics Questions- Normal distribution, z score, survey, sampling methods,

    14. On a standard measure of hearing ability, the mean is 300 and the standard deviation is 20. Give the Z scores for persons who score (a) 340, (b) 310, and (c) 260. Give the raw scores for persons whose Z scores on this test are (d) 2.4, (e) 1.5, (f) 0, and (g) _4.5. 15. A person scores 81 on a test of verbal ability an

    Age of Terminated Employees

    Tri-States Mining has been forced to terminate 10% of its work force because of low market prices for the ore it produces. A group of recently terminated employees (age 55 and older) has filed a lawsuit claiming that age discrimination was practiced by the company during the termination process. Analysts have determined that 1

    Find the number suits/ties available

    In his wardrobe at home, a businessman has 7 suits and 8 ties. From those suits and ties he has on hand, he plans to take 3 of the 7 suits and 2 of the 8 ties with him to a conference in San Francisco. How many different possible suit-ties combinations can he choose from to wear PRIOR TO LEAVING FOR HIS TRIP? Consider:

    Binomial Probability Description Preferences

    See attached file for full problem description. The Baldwin Sisters from the Walton's TV series had a family recipe for moonshine (a strong, home-distilled alcoholic beverage)? Anyway, the Sister's made a slight modification in their father's recipe for moonshine. They conducted a test of taste preference between the new reci

    Inventory Management Economic Order Quantity

    1. Suppose that the R&B Beverage Company has a soft drink product that has a constant annual demand rate of 3600 cases. A case of the soft drink costs R&B $3. Ordering costs are $20 per order and holding costs are 25% of the value of the inventory per year. R&B has 250 working days per year and the lead time is 5 days. Identi

    Probability Distribution

    1) A test consists of 690 true or false questions. If the student guesses on each question, what is the mean number of correct answers? A) 0 B) 138 C) 345 D) 690 2) IQ test scores are normally distributed with a mean of 101 and a standard deviation of 13. An individual's IQ score is found to be 103. Find the z-score corres

    Sales Goals for Telemarketer

    Setting goals for your sales force is a balancing act: the goal should be high enough to be challenging but not so high that there is little chance of making it - that will just depress the sales force. In telemarketing sales, only one "completed contact" (the telemarketer gets to finish the pitch on the phone) in 20 ends up t

    Suppose that WPC is only considering going directly to the national market or not (ignore the test market for right now). Which of these two alternatives has the highest expected return?

    2. The WP Company (hereinafter, WPC) is trying to decide whether to market a new product. As in many new product situations, there is considerable uncertainty about whether the new product will eventually "catch on" (a technical marketing term meaning "sell a lot"). WPC believes it might be smart to introduce the product in a

    Efficiency - Populations

    For a population of athletes, each independently has a probability p of using steroid. If p is smaller than a special p-value p*, then it is more efficient to do pairwise group testing of the samples than to test the samples one at a time. p* is found to be approximately 0.38. Problem: Two population of athletes with differen

    Probability based on normal and binomial variable

    Question 6 A manager must select 2 people from a list of 13 specialized employees to form a special group. In how many ways can the manager choose to select 2 people? [Hint: Fundamental counting principle] Question 7 57% of families say that their children have an influence on their vacation destinations. Consider a random

    Binomial distribution formula

    Solve for the probabilities of the following binomial distribution problems by using the binomial formula. b. If n = 6 and p = .50, what is the probability that x >= 1? c. If n = 9 and p = .85, what is the probability that x > 7? d. If n = 14 and p = .70, what is the probability that x<=3? Use Table A.2, Appendix A, to fin

    Statistics Multiple Choice - Probability and Z Test

    11. Find the area under the normal curve to the right of z - = -1.66 a. 0.9515 b. 0.9525 c. 0.0485 d. 0.0475 12. Find the area under the standard normal curve between z= 0 and z=3 a. 0.0010 b. 0.4987 c. 0.4641 d. 0.9987 13. Find the area under the standard normal curve between z =1 and z = 2. a. 0.5398 b. 0.

    Probability

    Data on the 30 largest bond funds provided one-year and five-year percentage returns for the period ending March 31,2000. Suppose we consider a one-year return in excess of 2% to be high and a five-year return in excess of 44% to be high. One-half of the finds had a one-year return in excess of 2%, 12 of the funds had a five-yea

    Basic Statistics in PHStat

    1) Need to create a statistical table & chart in EXCEL with corresponding verbiage that describes them - with at least 5 different visuals with verbiage. See the attached example [You may need PHStat2]. 2) Need a single word file containing the excel output and written descriptions, and the verbiage that would go with des

    Orlando Census

    The 2000 U.S. Census data for Orlando is available at http://orlando.areaconnect.com/statistics.htm. A portion of that information is shown below: Age Range Number Percent Under 5 years 12287 6.61% 5 to 9 years 12104 6.51% 10 to 14 years 10623 5.71% 15 to 19 years 10203 5.49% 20 to 24 years 15639 8.41% 25 to 34 years 39

    proportion of customers spend at least $100 on non-book item

    Customers at the ASU bookstore spend varying amounts of money on "non-book" items. Historical data show that the amount spent per customer is normally distributed with a mean of $85 and a standard deviation of $30. a. What proportion of customers spend at least $100 on non-book items? b. If the proportion you found in part

    Probability & Chance

    An investment broker at your brokerage house tells you that he has found a mutual fund that has beaten the S&P market index in 16 of the past 25 weeks. Has he really found a winner or could this be due to chance? What is the probability that this result is due to chance? (By "due to chance," we mean that there is a 50-50 chan

    Decision Tree Expansion Decision

    2. Shown (attached) is a decision tree describing an expansion decision. a. Are "sales" independent of the expansion decision? Why or why not? b. Are "costs" independent of the expansion decision? Why or why not? c. Are "costs" independent of "sales?" Why or why not? d. Are revenues independent of the expans

    Proportion and Percentage

    The monthly spending on food of a family of three in Puerto Rico for the year 2000 is estimated in an average of $420.00/month with a standard deviation of $80.00. Assuming that the monthly spending in food is distributed normally (when presenting the processes, you need to include the corresponding graphs.): a) What proportion

    Probabilities

    1.) The probability of your doctor being late for the appointment is .4 and the probability the HMO will pay for your prescription is .7 and these events are independent of each other. a) Use the letters D and H to describe the "plain" events. D=" H=" b) Write correct probability statements for the following probabilit

    Operation Management - Solver Model

    Here is the scenario: You have four people sitting in jail. One has committed a terrible crime. They have made the following statements: Anita says: "Kitty did it." Kitty says: "Robin did it." Ed says: "I didn't do it." Robin says: "Kitty lied." Your favorite snitch tells you that only one person is telling the