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After contemplating the caseload question (see previous problem), the director of social services has decided that reasonable caseload probabilities are .10 for moderate, .30 for high, and .60 for very high.
a. Which alternative will yield the minimum expected cost?
b. Construct a decision tree for this problem. Indicate the expected costs for the three decision branches.
c. Determine the expected value of perfect information using an opportunity loss table.
Accepting Manipulation or Manipulating
What is the critical path? Which activity (activities) have the biggest slack? How many weeks of slack does the activity with the biggest slack have?
Suppose the returns of a particular group of mutual funds are normally distributed with a mean of 12.4 and a standard deviation of 4.7%. I f the manager of a particular fund wants his fund to be in the top 5% of funds with the highest return, what re..
Assume that these 28 apartments can be treated as a random sample of size 28 with replacement from the population of comparable two-bedroom apartments for rent in the area, and the distribution of rents for comparable apartments in the area is app..
You have just received an inheritance of $10,000 and you decide that you should invest the money rather than blow it on frivolous items. You have decided that you will invest the money in one of two types of mutual funds. The first type that you are ..
Bob's golf score at his local course follows the normal distribution with a mean of 92.1 and a standard deviation of 3.8. What is the probability that the score on his next round of golf will be between 82 and 89?
List and explain the variables you would collect in this study. There must be a minimum of three variables and two must meet the assumptions for a correlational analysis.
A customer service center has customers call with questions about the use of a product. The mean arrival rate of customer calls is 20 per hour and follows a Poisson distribution. The mean service rate (how long it takes the call center employee to an..
let X and Y denote independent geometric random variable both of which have the parameter p.(a).compute P(X=Y)(b).compute P(X
What is the name of the counting rule used to find all the possible outcomes and how many different items can be uniquely numbered?
Use the confidence intervals you computed in parts a and b to compare the mean number of dealers visited by early replacement buyers with the mean number of dealers visited by late replacement buyers.
A project manager needs to purchase parts for a project. Two suppliers are found and both of them have been used before and have delivered on time 90% of the time and have been late 10% of the time. If the project manager splits the order be..
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