Solution-Find the probability distribution of x

Find the probability distribution of x

Assignment Help Basic Statistics

Reference no: EM131640870

Question: A construction company has to complete a project no later than three months from now or there will be significant cost overruns. The manager of the construction company believes that there are four possible values for the random variable X, the number of months from now it will take to complete this project: 2, 2.5, 3, and 3.5. The manager currently thinks that the probabilities of these four possibilities are in the ratio 1 to 2 to 4 to 2. That is, X = 2.5 is twice as likely as X = 2, X = 3 is twice as likely as X = 2.5, and X = 3.5 is half as likely as X = 3.

a. Find the probability distribution of X.

b. What is the probability that this project will be completed in less than three months from now?

c. What is the probability that this project will not be completed on time?

d. What is the expected completion time (in months) of this project from now?

e. How much variability (in months) exists around the expected value you found in part d?

Reference no: EM131640870

Questions Cloud

Exception of the patient protection and affordable care act : With the exception of the Patient Protection and Affordable Care Act, most of the legally required benefits were created decades ago.

Is unemployment currently a major problem : Have the community's social problems intensified or lessened over time? Is unemployment currently a major problem? What are the community's future prospects?

Major systems project to implement a new erp system : Prior to the Year 2000 transition, Hersey’s Corporation planned a major systems project to implement a new ERP system.

The major results of president kennedys foreign policy : What were the major results of president Kennedy's foreign policy ?

Find the probability distribution of x : A construction company has to complete a project no later than three months from now or there will be significant cost overruns.

What are functions and dysfunctions of tracking in schools : What are functions and dysfunctions of tracking in schools? In what ways might tracking have positive and negative impacts on self-concepts of various students?

What is to be gained by this communication tool : At what stage of the negotiation process would role reversal be useful and what is to be gained by this communication "tool"?

What is an individuals party identification : As discussed in lecture, party id is "the one thing you need to know" about an individual to understand their political thinking and behavior - explain why.

What is expected number of regions with major forest fires : Three areas of southern California are prime candidates for forest fires each dry season. You believe (based on historical evidence) that each of these areas.

User Account

All Pages

Find the probability distribution of x

Reference no: EM131640870

Reference no: EM131640870

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT