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The Gormon Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars).State of NatureDecision Alternative Low Demand - s1 Medium Demand - s2 High Demand - s3Manufacture, d1 -20 40 100Purchase, d2 10 45 70Probabilities 0.35 0.35 0.30
a. Use a decision tree to recommend a decision.b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.c. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows:
P(F | s1) = 0.10 P(U | s1) = 0.90P(F | s2) = 0.40 P(U | s2) = 0.60P(F | s3) = 0.60 P(U | s3) = 0.40
What is the probability that the market research report will be favorable?d. What is Gorman's optimal decision strategy?e. What is the expected value of the market research information?f. What is the efficiency of the information?
College Athletics: Graduation Rate. Women Athletes at the University of Colorado Boulder have a long term graduation rate of 67%. Over the past several years, a random sample of 38 women athletes at the school showed that 21 eventually graduated.
College Students' Seating Choices and Motivation to Achieve.This activity is a revision of an activity found in Real Data: A Statistics Workbook Based on Empirical Data by Z. C Holcomb (1997). Published by Pyrczak Publishing.
If you did not know anything about standard deviation of population from which sample was taken, find out the 95% confidence interval for mean test score.
Compare population means or proportions to determine the relationship between variables.
What is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor?
A basketball player shoots 8 free throws during a game. If we assume that each attempt has the same probability of success, the sample space for the number of baskets he/she makes during the game is ??
In recent years, the interest rate on home mortgages has declined to less than 6.0 percent. However, according to a study by the Federal Reserve Board
Build a scatter plot, Find the value of the linear correlation coefficient r, and find the critical value of r using α=0.05. Determine whether there is sufficient evidence to support a claim of a linear correlation between the two variables.
An office manager wishes to estimate the mean time required to handle customer complaints. A sample of 38 complaints shows a mean time of 28.7 minutes with a standard deviation of 12 minutes.
To determine monthly rental prices of apartment units in San Francisco Bay area, samples were constructed in the following ways. Identify the technique used to produce each sample.
A deck of cards is shuffled and then divided into two piles of 26 cards each. We say that a suit is unsplit if all 13 cards of that suit are in the same pile. Compute the probability that at least one suit will be unsplit.
The membership for the club this year isobserved to be 14 freshman, 19 sophomores, 51 Juniors and 16Seniors. At 95% level of confidence, test the advisors belief..
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