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Rob Johnson is a product manager at Diamond Chemicals, which is considering whether to launch a new product line that will require it to build a new facility. The technology required to produce the new product is yet untested. If Rob decides to build the new facility and the process is successful, Diamond Chemicals will realize a profit of $650,000. If the process does not succeed, the company will lose $800,000. Rob estimates that there is 60% probability that the process will succeed.
Rob can also decide to build a pilot plant for $50,000 to test the new process before deciding to build the full-scale facility. If the pilot plant succeeds, Rob feels there is 85% chance of the success of the full-scale facility. If the pilot plant fails, Rob feels there is only 20% chance of the success of the full-scale facility. The probability that the pilot plant will succeed is approximately 60%. Structure this problem using a decision tree and advise Rob what to do.
Create a histogram for the following data of the number of miles from residence to place of employment for 30 randomly selected residents of Middletown County.
Sample of size 26 was taken from normal population with standard deviation 1.697. Approximate the probability that standard deviation of sample is greater than 1.23.
The probability of drawing two diamonds (to complete a flush) after discarding the 5 and 7.
At the 0.05 significance level, can he conclude that number of absences has declined? calculate approximately the p -value.
In a bumper test, three types of autos were deliberately crashed into a barrier at 5 mph, and the resulting damage (in dollars) was estimated. Five test vehicles of each type were crashed, with the results shown below. Research question: Are the ..
A recent study reported that the prevalence of hyperlipidemia (defined as total cholesterol over 200) is 30% in children 2-6 years of age. If 12 children are analyzed,
Identify each of the random variables as continuous or discrete.
Find the probability using the Poisson distribution.
The alternative hypothesis is true. In this case the consumer advocacy group will have, A consumer advocacy group doubts this claim and tests the hypotheses
If the sample standard deviation of the sample was $630 also the sample size was 50. Findout the 90% confidence interval of true mean.
How can you answer the dual simplex question with maximization objective function and also explain difference between m tecnique and two phase method?
What would you recommend Taylor do to cut back its labor cost? (Illustrate using an ABC plan.)
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