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# Probability

### Clarification of Probability Problem

Suppose 1.5 percent of the antennas on new Nokia cell phones are defective. For a random sample of 10 antennas, find the probability that: a. None of the antennas is defective. b. Three or more of the antennas are defective. c. At most 3 are defective. d. All 10 antennas are defective.

### Arizona Republic reported that the mean number of hours worked

The Arizona Republic reported that the mean number of hours worked per week is 43.9. The article further indicated that about one third of those employed work less than 40 hours per week. a. Given this information and assuming that number of hours worked follows the normal distribution, what is the standard deviation of the

### Your mail-order company advertises that it ships 90% of its orders within three working days

Your mail-order company advertises that it ships 90% of its orders within three working days. You select a simple random sample of 100 of the 5000 orders received in the past week for an audit. The audit reveals that 86 of these were shipped on time. If the company really ships 90% of its orders on time, what is the probability

### Net present value & capital budgeting

1) Assume a 3 year sports contract with the following provisions: - \$1,400,000 signing bonus - \$2,500,000 per year for 3 years - 10 years of deferred payments of \$1,250,000 per year beginning in year 4 - Other bonus provisions that total as mush as \$750,000 per year for the 3 years of the contract. Assume the player has a

### Calculating Range & Variance, Histogram, Binomial Distribution

45, 52, 71, 72, 59, 60, 63, 64, 64, 72 72, 64, 65, 69, 69, 70, 70, 72, 72, 72 73, 74, 65, 68, 75, 76, 78, 78, 79, 79 80, 84, 84, 86, 87, 89, 48, 50, 89, 68 69, 90, 94, 95, 54, 55, 58, 59, 95, 100 1. Calculate the range and variance of the data 2. Create a histogram of the data. 3. Based on your answers to th

### Summation of x and Squares of x

The values (in thousands of dollars) of cars owned by six persons are 13, 9, 3, 28, , and 16. Where, X1 = 13, X2 = 9, X3 = 3, X4 =28, X5 = 7, X6 = 16 Calculate: a. &#931;X b. &#931;X c. (&#931; X)

### Comprehensive Statistics Problem Set

(See attached file for full problem description) --- 5.21 Assume that the number of network errors experience in a day on a local area network (LAN) is distributed as a Poisson random variable. The mean number of network errors experienced in a day is 2.4. What is the probability that in any given day a.) Zero network error

### Decide whether to add juice sales at a coffee shop.

Decide whether to add juice sales at a coffee shop. States of Nature Hgh Sales Med. Sales Low Sales A(0.2) B(0.5) C(0.3) A1 (sell juices)

### Probability of Finding a New Job in California

If I live in the state of California, with a labor force of 17,823,401, and the unemployment rate for 2005 is 5.1% (910,963); what is the probability that I will find a job in 6 months after being laid off?

### PERT Network: Given the following network with activities and times estimated in days. a. What are the critical path activities? b. What is the expected time to complete the project? c. What is the probability the project will take more than 28 days to complete?

21. Given the following network with activities and times estimated in days. (see attached file for diagram and chart) Activity Optimistic Most Probable Pessimistic A 2 5 6 B 1 3 7 C 6 7 10 D 5 12 14 E 3 4 5 F 8 9 12 G 4 6 8 H 3 6 8 I 5 7 12 J 12 13 14 K 1 3 4 a. What are the critical path activiti

### An Alcohol Awareness Task Force at a Big Twelve University

An alcohol awareness task force at a Big Twelve university sampled 200 students after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. The following result was obtained: (See attached file for full problem de

### Combinations, permutations, and mutual exclusivity

1. A husband and wife want to purchase wallpaper for their living room and paint for their kitchen. If they can choose from six different wallpaper patterns and ten different colors of paint, how many possible outcomes from this sequence of events do they have available? 720 16 7200 60

### Probability of drawing a card, mutually exclusivity and probability distributions

If one card is drawn from a deck, find the probability of getting these results. a- An Ace b- A diamond c- An ace f diamonds d- A 4 or a 6 e- 4 or a club f- A 6 or a spade g- A heart or a club h- A red queen i- A red card or a 7 j- A black card or a 10 If four students are seated on a bench, find the probabi

### Function and Probability

1. A new book is being released and a bookstore predicts that 70% of customers that walk through the door on the release day will purchase the book. If 30 customers walk through the door, answer the following: (MUST SHOW WORK) A) What type of distribution function (name) is the model for this situation? B) What is the expected

### Queueing Models

Each airline passenger and his or her luggage must be checked to determine whether he or she is carrying weapons onto the airplane. Suppose that at Gotham City Airport, 10 passengers per minute arrive, on average. Also, assume that inter-arrival times are exponentially distributed. To check passengers for weapons, the airport mu

### Queuing Theory Model

MacBurger's is attempting to determine how many servers to have available during the breakfast shift. On average, 100 customers arrive per hour at the restaurant. Each server can handle an average of 50 customers per hour. A server costs \$5 per hour, and the cost of a customer waiting in line for one hour is \$20. Assuming that a

### Combinations and probabilities with and without replacement

#52 The first card selected from a standard 52-card deck was a king. If it is returned to the deck, what is the probability that a king will be drawn on the second selection? If the king is not replaced, what is the probability that a king will be drawn on the second selection? What is the probability that a king will

### Uniform distribution and joint probabiliy

The probabilities of the events A and B are .20 and .30, respectively. The probability that both A and B occur is .15. What is the probability of either A or B occurring? America West Airlines reports the flight time from Los Angeles International Airport to Las Vegas is 1 hour and 5 minutes, or 65 minutes. Suppose the a

### Probability of winning in a series

Assume in a single game sudden death playoff between team A and team B that team A would win with probability 0.6. a) what if the league deicdes to play a best of 3 series instead of a sudden death playoff. what is the probability that team B would win? show your calculations b)what if the league decided to play a best of

### Quantitative Methods: Decision models: Payoff table

A buyer for a large department store chain must place orders with an athletic shoe manufacturer 6 months prior to the time the shoes will be sold in the department stores. In particular, the buyer must decide on November 1 how many pairs of the manufacturer's newest model of tennis shoes to order for sale during the upcoming sum

### Standard deviation example

Provide an example of determining standard deviation based on a normal probability distribution.

### Quantitative Methods

A local energy provider offers a landowner \$180,000 for the exploration rights to natural gas on a certain site and the option for future development. This option, if exercised, is worth an additional \$1,800,000 to the landowner, but this will occur only if natural gas is discovered during the exploration phase. The landowner, b

(See attached file for full problem description) --- 1. A large sporting goods store is placing an order for bicycles with its supplier. Four models can be ordered: the adult Open Trail, the adult Cityscape, the girl's Sea Sprite, and the boy's Trail Blazer. It is assumed that every bike ordered will be sold, and their

### Option valuation using Binomial tree, Stock Valuation using CAPM, Maturity of bonds using Duration

1. The current price of IBM stock is \$88. Every year the stock can either go up by 20% with probability 2/3, or go down by 10% with probability 1/3. What is the price of a European Call option on IBM with maturity in 2 years, and a strike price of \$100? The risk free interest rate is 4% a year. 2. Goldseeker Inc. is a company

### This posting provides details of using the concept of probability for hiring satisfied individuals using % descriptive and correlation coefficient

Using the data set & Template below; compose an email to the head of the American Intellectual Union which discusses the following: 1. How you would use the concept of probabilities to apply to profiles for hiring more satisfied individuals? Job Satisfaction is an attitude about one's job. It may be measured globally or via

### 20 percent employees steal and probability that 5 will steal

A recent report in Business Week indicated that 20 percent of all employees steal from their company each year. If a company employs 50 people, what is the probability that: a. Fewer than 5 employees steal? b. More than 5 employees steal? c. Exactly 5 employees steal? d. More than 5 but fewer than 15 employees steal?

### Probability of selecting a female student, accounting major

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

### Property of uniform random variable

If X and Y are both independent U[0,1] random variables, find the probability that max (X,Y)>2min(X,Y)

### Discrete Probability Distributions

1. The probabilities that a customer selects 1, 2, 3, 4 and 5 items at a convenience store are 0.32, 0.12, 0.23, 0.18, and 0.15, respectively. Fill in the probabilities. Outcome X 1 2 3 4 5 P(X) 2. A study conducted by a TV station showed the number of televisions pe

### Assist w/ probability

1.Sixyy nine percent of adults favor gun licensing in general. Choose one adult at random. What is the probability that the selected adult doesn't believe in gun licensing? 2.In a recent year, of the 1,184,000 bachelor's degrees conferred, 233,000 were in the field of business, 125,000 were in the social sciences, and 106