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The probability for a strong market is 0.3; for a fair market is 0.5; and for a poor market is 0.2. You are responsible for advising the president of Modern Electronics on the type facility that should be built or to not build a facility at all. The table shows the estimated profits under each market and for each size facility.
Estimated Profits
Strong Market Fair Market Poor MarketBuild a large facility 550,000 110,000 -310,000Build a medium-size facility 300,000 129,000 -100,000Build a small facility 200,000 100,000 -32,000Do not build a facility 0 0 0
Using the information in the table above develop a recommendation for your president. Be sure to explain why you are making the recommendation and you must include a recommendation that maximizes profits and a recommendation that minimizes loss.
What is the probability that at least 2 out of 5 randomly selected people in the study will pay more than the amount found in part (a)?
Consider babies born in the "normal" range of 37 - 43 weeks gestational age. What is the probability that the birth weight of a randomly selected baby of this type:
Give an example in health care management where you would use probability statistics to determine an outcome such as providing raises based on certain financial goals being met?
A group of young businesswomen wish to open a high fashion boutique in a vacant store, but only if the average income of households in the area is at least $25,00.A random sample of 9 households showed the following results:
Do these data suggest a statistically significance difference between the proportions of drug-resistant cases in the two states? Use a 0.02 level of significance and computed value of 2.37.
the probability is 1 in 4 million that a single auto trip in the US will result in a fatality. Over a lifetime, an average driver takes 50,000 trips. What is the probabiltiy of a fatal accident over a lifetime. Explain.
At the 5% level of significance test whether the bottling process is carried out accurately or whether the filling machinery needs calibration. Use both the critical and the p-value approaches.
Show that there is no rational number b/a whose square is 2, as follows: if b^2 = 2a^2, then b is even, so b = 2c, so, substituting and cancelling 2, 2c^2 = a^2.
Find the least squares regression line by deciding which are the appropriate independent and dependent variables and calculating the equation of the line. State equation of line.
If one runner is selected at random, what is the probability that this runner will complete this road race in less than 231.58 minutes?
Over the last year the absentee rate at a large corporation averaged 8.2 days absent with a standard deviation of 6 days. One department with 40 employees had an absentee rate of 12 days per employee.
A random sample of size 16 is chosen from a population and a 90% confidence interval for the standard deviation will be determined. What value of should be located in the chi-square distribution table?
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