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A consultant is beginning work on three projects. The expected profits from these projects are $ 37. thousand, $ 68. thousand, and $ 28. thousand.
The associated standard deviations are $ 8. thousand, $ 10. thousand, and $ 2. thousand. Assuming independence of outcomes, find the mean and standard deviation (in thousands of $) of the consultant's total profit from these three projects.
Round off your answer to two decimal places.
Suppose that the actual mean value in the population is , what is the probability of a Type II error (incorrectly accepting a false null hypothesis)?
For machine gun ammunition to be acceptable, the US Army requires that 96 percent of rounds fired hit a specified target. The test is to fire a 50 round burst at the target and observe whether this condition is met.
A 15-minute Oil and Lube service claims that their average service time is no more than 15 minutes. A random sample of 35 service times was collected, and the sample mean was found to be 16.2 minutes, with a sample standard deviation of 3.5 minute..
At the .10 significance level, can we conclude that there is a difference in the length of time the two types of treatment lasted?
The mean number of tasks completed successfully by all teams each day and the standard deviation is computed. The results are given below. The ANOVA F-test statistic value is?
A certain airplane has two alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is.02.
Company have MBA degrees. Also, 64 percent of the managers have MBA degrees. Using the probability formulas, find the proportion of employees who either have MBAs or are managers.
Each inspector makes his or her inspection at a different time. What is the probability that at least one inspector will find a defective widget?
he standard deviation of the sample proprortion is 5.3%. How large a sample (to the nearest person) would be required to reduce this standard deviation to 3.7%?
You want to determine if your widgets from machine 1 are the same as machine 2. Machine 1 has a sample mean of 50 and a population standard deviation of 5 and a sample size of 25.
To select a _________ sample, an intact group of subjects that represent the population is selected.
Chi-square test for independence of attributes - Describe why a x 2 test of the resulting contingency table is appropriate for such an investigation.
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