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    Telephone Probability

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    Question 1

    Assume that you are the owner of a small business that employs two people
    on a telephone help desk. Records show that one of the employees is busy
    taking calls for 40% or the time and the other is busy taking calls 55% of the

    a) What is the probability that when a new call comes in that both of the
    employees are busy on the telephone?

    b) What is the probability that at least one of the employees will be

    Question 2

    Venture capital investments tend to be risky investments with a large
    proportion of investments being unsuccessful. Suppose that you are the
    manager of a venture capital firm with 20 investments. Assuming that it is
    known that 70% of venture capital investments will be unsuccessful, determine
    the following:

    a) The probability that at least 5 of your investments will be successful.

    b) The probability that no more than 15 will be unsuccessful.

    Question 3

    Suppose that 22% of employees in Australia intend to change employers over
    the next two years. A company interested in reasons for their employee
    turnover randomly samples a number of their employees:

    a) If the company randomly samples 20 employees, find the probability
    that exactly 4 of them will leave within two years.

    b) For a random sample of 20 employees, find the mean, the variance
    and the standard deviation for the number of employees that intend to
    change employers of the next two years.

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    Solution Summary

    The solution discusses probabilities in business.