Calculate the probability of company, Basic Statistics

a)  The US Food and Drug Administration has veto power over the choice of drug names. In 2004, it used this power regularly, rejecting 36% of the names proposed by companies for reasons such as sounding too much like another product (and causing confusion at the pharmacy). Suppose that a company spends $500,000 developing each proposed name, but there is a 50-50 chance of a name being rejected. If the review of names occurs independently, what is the probability that the company will spend more than $1 million developing a name?                                                                                     

b)   A manufacturer of LCD panels used in television has decided to ship only panels with at most one defective pixel.  Defective pixels are the result of randomly located flaws in the glass used to make the panel.  To be profitable, the manufacturer must ship 85% of its panels. If an LCD panel has 1,024×768 = 786,432 pixels, how small must the chance for a defective pixel be in a panel in order for the probability of shipping a panel to be 0.95?

What does the function commands BINOMDIST(3,10,0.5, FALSE) and POISSON (4, 2, TRUE) yield in Microsoft Excel? What are these values? What parameters do the values 3, 10, 0.5, FALSE, 4, 2, and TRUE represent?          

 

Posted Date: 2/25/2013 1:45:48 AM | Location : United States







Related Discussions:- Calculate the probability of company, Assignment Help, Ask Question on Calculate the probability of company, Get Answer, Expert's Help, Calculate the probability of company Discussions

Write discussion on Calculate the probability of company
Your posts are moderated
Related Questions
Agglomerative hierarchical clustering methods/procedures Methods of cluster analysis that start with each individual in the separate cluster and then, in the series of steps, c


Impulse and Momentum Theorem   Impulse is known as the change in momentum of any object:  j  = Δ p   Momentum  is a product of the mass & the velocity of an object, and is a v

a)  The US Food and Drug Administration has veto power over the choice of drug names. In 2004, it used this power regularly, rejecting 36% of the names proposed by companies for re

what type of analysis is suitable for nominal data?

Fenn Museum, a nongovernmental not-for-profit organization, had the following balances in its statement of functional expenses: Education $300,000 Fundraising 250,000 Management an

costing and control of overheads

Skewness It is the comparison of the mean, median and mode can reveal information about the characteristics of skewness. Definition The distribution of the data is ske

The caffeine is expected to lower reaction time by an average of 30 msec. Scores on the simulator task for the regular population (without caffeine) form a normal distribution with

The sizes of 15 California earthquakes are given below. 6.8   6.6  7.5  6.2  6.5  7.1  8.3  5.9  6.1  6.9  7.0  6.2  5.9  6.3  7.3 (a)  Assuming normal distribution for the s