in an experiment are mutually exclusive if only one can occur at a time.Answer | | | | | Selected Answer: | True | Correct Answer: | True | | | | | Question 7 2 out of 2 points | | | A binomial probability distribution indicates the probability of r successes in n trials. Answer | | | | | Selected Answer: | True | Correct Answer: | True | | | | | Question 8 2 out of 2 points | | | If fixed costs increase‚ but variable cost and price
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Expected Monetary Value In a business environment‚ we frequently use probabilities to assess alternative financial decisions Example 1: A coin is tossed ten times. When a head is obtained‚ €4 is won. When a tail is obtained‚ €2 is lost Calculate the expected winnings. Outcome HEAD TAIL Winnings €4 -€2 Probability 0.5 0.5 Expected winnings in one toss: Expected Monetary Value (or just Expected Value (EV) = €1 Note: You never actually receive
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different decision models. Question one The Gorman manufacturing company is trying to decide whether to manufacture a component part or to purchase it. In order to make this decision we need to calculate the Expected Monetary Value for each probability. The highest EMV will be the best decision (Satyaprasad‚ Nirmala‚ & Saha‚ 2012). So‚ EMV for manufacture is= -20(.35) + 40(.35) + 100(.30) = -7+ 14+ 30 = 37. EMV for purchase is= 10(.35) + 45(.35) + 70(0.30) = 3.5 + 15.75 + 21 = 40.25. So‚ the
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random: | (a) | What is the probability all four of the selected homes have a security system? (Round your answer to 4 decimal places.) | Probability | | (b) | What is the probability none of the four selected homes have a security system? (Round your answer to 4 decimal places.) | Probability | | (c) | What is the probability at least one of the selected homes has a security system? (Round your answer to 4 decimal places.) | Probability | | (d) | Are the events
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Software Information Folder under Week 0 on Moodle. (a) Use the Excel function NORM.S.DIST to calculate the following probabilities to four decimal places‚ where the random variable Z follows a standard normal distribution. Write your answers to four decimal places on this sheet and remember to draw the curves? For every second question‚ please use your tables to find the probability as well as Excel. (i) P(Z 0.443) (ii) P(Z <1.522) = (iii) P(Z 1.944) (iv) P(0 Z 1.282) (v)
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| Basic math symbols Symbol | Symbol Name | Meaning / definition | Example | = | equals sign | equality | 5 = 2+3 | ≠ | not equal sign | inequality | 5 ≠ 4 | > | strict inequality | greater than | 5 > 4 | < | strict inequality | less than | 4 < 5 | ≥ | inequality | greater than or equal to | 5 ≥ 4 | ≤ | inequality | less than or equal to | 4 ≤ 5 | ( ) | parentheses | calculate expression inside first | 2 × (3+5) = 16 | [ ] | brackets | calculate expression inside first
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Heading: The Characteristics of Markov Analysis Key words: Markov analysis 9) The brand-switching problem analyzes the probability of customers’ changing brands of a product over time. Answer: TRUE Diff: 2 Main Heading: The Characteristics of Markov Analysis Key words: brand-switching problem‚ Markov analysis 10) Markov analysis provides information on the probability of customers switching from one brand to one or more other brands. Answer: TRUE Diff: 1 Main Heading: The Characteristics
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statistics namely: Descriptive Statistics and Inferential Statistics. Specifically‚ it covers the following: Steps in statistical investigation‚ the frequency distribution‚ measures of central location‚ measures of dispersion‚ concepts of probability‚ probability distribution‚ concept of hypothesis‚ hypothesis testing‚ simple linear regression and correlation analysis. The objective of this course is to provide an understanding of how statistics operate in Business and Commerce. Statistics are pervasive
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| Probabilistic techniques assume that no uncertainty exists in model parameters. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | Question 5 2 out of 2 points | | | P(A | B) is the probability of event A‚ if we already know that event B has occurred. Answer | | | | | Selected Answer: | True | Correct Answer: | True | | | | | Question 6 2 out of 2 points | | | A continuous random variable may assume only
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points each) T F 1. The probability that X takes on a value that is between 3 and inclusive of 4 can be written as P(3 < X ( 4). T F 2. P(X > x ) + P(X < x) + P(X = x) = 1. T F 3. If P(X > x) = 0.34 and P(X = x) = 0.10‚ then P(X ( x) = 0.56. T F 4- Using the classical viewpoint‚ the probability of an event happening is defined as the number of favorable outcomes divided by the total number of possible outcomes. T F 5- The probability assigned to an event that
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