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Question: 1. Explain why probability is important in decision analysis.
2. Explain in your own words what an uncertain quantity or random variable is. Why is the idea of an uncertain quantity important in decision analysis?
3. You are given the following probability table:
Use the probability table to find the following:
Find the expressions (in terms of a and b) for cosine theta and tangent theta.
Consider the following linear programming problem: Suppose that, in solving this problem, you have arrived at the following dictionary.
The time between arrivals of vehicles at a particular intersection follows an exponential probability distribution with a mean of 12 seconds.
You should give sufficient detail for the arithmetic operations to be carried out but you do not need to write down the complete addition and multiplication tables for the field.
How can you determine when to use a lower one-tailed test of hypothesis versus an upper one-tailed test?
A researcher compared the adjustment of adolescents who had been raised in homes that were either very structured or unstructured. Thirty adolescents from each type of family completed an adjustment inventory. The results are reported in the table..
You can afford to pay $222 each month for a car for five years. If your car loan were at 5% then what price car can you afford?
Comcast Corporation is the largest cable television company. the second largest Internet service provider, and the fourth largest telephone service provider.
Suppose you have $13,500 sitting in an account earning 10%. What will that be worth in 10 years time? What will it be worth if you can also figure out a way to deposit $1,000 each year for the next 10 years as well.
The chapter includes an example of a firm where the PM dispensed with all the planning formality because no one ever looked at it anyway. What did the PM think the purpose of such planning was in this firm? What should the firm do in the future ..
Your final project entails systematic extraction of decision-aiding insights from a dataset (SampleDataSet.xlsx) provided to you in the Doc Sharing area. The goal of this project is to provide you with hands-on experience in conducting and interpr..
Formulate an ILP problem to determine which sites should be selected so as to provide convenient service to all locations in the least costly manner. Implement your model in a spreadsheet and solve it. What is the optimal solution?
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