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The management of a bank in the Caribbean was concerned about the potential loss that might occur in the event of a hurricane. The bank estimated that the loss from one of these storms could be as much as $100 million including losses due to interrupted service and customer relations.
One project the bank is considering is the installation of an emergency power generator at its operations headquarters. The cost of the emergency generator is $800,000, and if it is installed no losses from this type of storm will be incurred.
However, if the generator is not installed, there is a 10% chance that a power outage will occur during the next year. If there is an outage there is a 5% probability that the resulting losses will be very large or approximately $80 million in lost earnings. Alternatively, it is estimated that there is a 95% probability of only slight losses of around $1 million. Using decision tree analysis, determined whether the bank should install the new power generator.
Choose one of these tests and describe in your own words, the purpose of the test, any particular assumptions or limitations pertaining to the test, and provide an example where you could employ the test.
Expand the above table to show the change in Ms A's investment portfolio over the year, and construct a suitable diagram to illustrate that information.
Compare and contrast random selection and random assignment. Be sure to include a discussion of when you would want to do one or the other and the possible consequences of failing to do random selection or random assignment in particular situation..
The board of directors of Saner Automatic Door Company consists of 12 members, 3 of whom are women.
Computing probability values using normal distribution - Find the proportion of the observations will fall in the interval from 40 to 60?
A process follows the binomial distribution with n = 8 and p = .3. Find
To sketch the 3-sigma X-bar chart and R-chart parameters. A candy bar manufacturer desires to set up a variables control chart for the net weight of its candy bars.
To estimate the true proportion of students who abstain from alcohol at LBCC, you will need to take a simple random sample.
As a bonus, students are encouraged to research new and interesting articles/ websites/ interactive tools, etc. which are pertinent to the class material.
Compute the variance and standard deviation of the number that will arrive within two days.
Give an example of a repeated measures analysis of variance (ANOVA)--no examples of therapy or temperature.
What score was earned by more students than any other score? Why? What was the highest score earned on the exam?
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