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Rob Johnson is a product manager for Diamond Chemical. The firm is considering whether to launch a new product line that will require building 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 Chemical will realize a profit of $675,000. If the process does not succeed, the company will lose $825,000. Rob estimates that there is 0.6 probability that the process will succeed.
Bob can also decide to build a pilot plant for $60,000 to test the new process before deciding to build the full-scale facility. If the pilot plant succeeds, Rob feels the chance of the full-scale facility succeeding is 85%. If the pilot plant fails, Rob feels the chance of the full-scale facility succeeding is only 20%. The probability that the pilot plant will succeed is estimated at 0.6. Structure this problem with a decision tree and advise Rob what to do.
A banks loan officer rates applicants for credit. The ratings are causally distributed with a mean of 200 also a standard deflation of 50.
Using Analysis of Variance (ANOVA) test at 5% level if there are important differences in mean sales calls made across the three branches.
Why might supposition of normal population be doubtful? Problem arises when?
A university club consists of 4 men and 6 women. Two members are chosen at random without replacement. Let X = 0 if first person chosen is male, 1 if first person chosen is female. Y = 0 if second person chosen is male, 1 if second person chosen i..
Construct the 90% confidence interval for the true population proportion of all voters in the state who favor approval.
Calculate a 95% confidence interval for the population mean, based on the sample 10, 12, 13, 14, 15, 16, and 49.
At the .05 significance level, is the number of units produced on the afternoon shift larger?
The result for University X was a mean of 5 hours and an estimated population variance of 2 hours; for University Y; and for University Z. What should you conclude? Use the .05 level. What should you conclude? Use the .05 level.
Use RNG in Excel to generate n = 5 observations from the Normal distribution N(20, 5). Test H0: μ = 20 versus H0: μ ≠ 20 at the α = 0.05 level of significance. Repeat this process 100 times and then count the number of times that you reject H0.
The nation health department has concerns with the chlorine level of 0.4% mg/mL at a local water park raises to unsafe level.
Researchers at the Brigham & Women's Hospital recruited 2,000 participants to study the relation between diet and cholesterol.
Probability using Pareto chart - Evaluate the probability of randomly selecting an adult from the sample who doesn't always eat healthy foods because he or she has no time to cook or is confused about nutrition.
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