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A consulting firm has an option to bid on a contract that will yield $500,000 profit if it is awarded the contract. However, if the firm decides to bid on the contract and it is not awarded to the firm, it will incur a net loss of $125,000 due to the personnel cost involved in developing the contract proposal and profits lost from alternative consulting efforts. The firm does not have sufficient capacity to undertake the contract and the alternative efforts simultaneously. The alternative consulting jobs are certain to yield $75,000 in profit. The chance of obtaining the contract has been assessed at 0.3.
a) Should the company bid on the contract?
b) During a marketing visit a positive indication was obtained. in the past this has resulted in improving the chance of receiving the contract to 0.6. Does this change your decision in part (a)?
c) What is the expected value of perfect information?
A field researcher is gathering data on the trunk diameters of mature pine and spruce trees in a certain area. The following are the results of his random sampling. Can he conclude, at the 0.10 level of significance, that the average trunk diame..
Shank's, Inc., a nationwide advertising firm, wants to know whether the size of an advertisement and the color of the advertisement make a difference in the response of magazine readers.
The sample mean, the sample proportion and the sample standard deviation are all unbiased estimators of the corresponding population parameters. True or false (please provide a solution or explanation).
Then, define probability value in your own words and explain how a probability value of .05 in this example is related to the normal curve.
if z is a standard normal random variable then what is pr-2.61 lt z lt 0.23? use four decimal places of
A study is conducted to estimate survival in patients following kidney transplant. Key factors that adversely affect success of the transplant include advanced age and diabetes.
A firm plans to hire 100 employees during the year. It expects that 25 of these employees will obtain graduate degrees within the next 5 years of being hired. In addition, 35 employees will leave the firm within 5 years.
to decide whether two different types of steel have the same true average fracture toughness values n specimens of each
when supermarket customers are offered free samplesthey take them 60 of the time. when 317 customers are observed what
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One characteristic of billiard balls is their elasticity - the bounce they get when striking one another. A manufacturer of billiard balls is testing three additives to the basic plastic.
a pysics lab instructor wants to estimate the time required for physic students to complete a required experiment. from
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