WEEK 3 and WEEK 4: WORKSHOPS
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This workshop is to be completed during Week 3 and Week 4 workshops and will depend on how quickly we get through the lecture material.

Part A: Week 3
Exercise 4.2, Exercise 4.4.
Exercise 4.5, Exercise 4.6, Exercise 4.7. Your tutor will discuss these 3 questions with you in the class. Exercise 4.8, Exercise 4.9.
Exercise 4.10, Exercise 4.12, Exercise 4.14.
Exercise 4.15, Exercise 4.16, Exercise 4.18.

Part B: Week 3 or 4
Exercise 5.1. Now what is the expected value and variance of Y=5X-3 for each distribution? (Hint: Use the ‘Summary of the Laws of Expected Value and Variance’ slide in the lecture notes.) Exercise 5.3. Now assume the manager receives a daily salary of $200 plus $85 per car sold. What is the expected value and standard deviation of her salary? (Hint: Use the ‘Summary of the Laws of Expected Value and Variance’ slide in the lecture notes.) Exercise 5.4. Now assume the company managing the network gets penalised $900 for each interruption. Calculate the expected daily penalty. Calculate the standard deviation of the daily penalty. (Hint: Use the ‘Summary of the Laws of Expected Value and Variance’ slide in the lecture notes.)

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