measured in each. Assuming that the tobacco company’s claim is true‚ what is the probability that the mean tar content of the sample is greater than 4.15 milligrams? [0.00621] 2. The safety limit of a crane is known to be 32 tons. The mean weight and the standard deviation of a large number of iron rods are 0.3 ton and 0.2 ton respectively. One hundred rods are lifted at a time. Compute the probability of an accident. [0.1587] 3. A soft –drink vending machine is
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000.00. OF COURSE‚ IF THEY WERE NOT DEBBIE HAS ALSO ASSIGNED A PROBABILITY OF 0.30 THAT THEY WILL BE THE ONLY BIDDERS ON THE HOUSE. DEBBIE HAS DECIDED TO CONSIDER MAKING ONE OF ONLY THREE OFFERS: $390‚000.00‚ $400‚000.00 OR $405‚000.00. SHE ESTIMATES THAT IF THEY ARE THE ONLY BIDDERS THE PROBABILITY THAT AND OFFER $390‚000.00 IS ACCEPTED IS 0.40‚ THE PROBABILITY THAT AND OFFER OF THE $4000‚000.00 IS ACEPTED IS 0.60‚ AND THE PROBABILITY THAT AN OFFER OF $405‚000.00 IS ACCEPTED IS 0.90. IF‚ HOWEVER
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1. Discuss why and how you would use a liner programming model for a project of your choice‚ either from your own work or as a hypothetical situation. Be sure that you stae your situation first‚ before you develpp the LP model Linear programming is a modeling technique that is used to help managers make logical and informed decisions. All date and input factors are known with certainty. Linear program models are developed in three different steps: Formulation Solution Interpretation
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"Decision Tree" 3 Detailed description of Real Option Technique "First‚ using a decision tree‚ I came up with a simple expected value of $13‚980‚000 based on the costs to complete each phase‚ the probabilities of completing each phase‚ and the costs and probabilities associated with failure at each step in the approval process. The expected value of successful completion with Depression only was $36‚390‚000‚ for weight only $1‚200‚000 and for both $26‚880‚000. The expected value
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Introduction For entertainment many people play different games. Some time they make money out of it. These types of games are called as gambling. Most of the games are based on the concepts of probability. In every game some people are better than others. By playing the game frequently these people came to know probabilities of the outcome of the game and hence they start guessing better than others. In fact‚ they understand the hidden mathematics of the game and use it to grab the chances. Here‚ we present
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study used various statistical methods that will be examined later in this paper in more detail. Probability in Measuring Performance As mentioned earlier‚ the process of performance measurement is often uncertain with many unexpected variants. It is largely dependent‚ therefore‚ on a valid probability assessment of uncontrollable events (or factors) and risk assessment of the organization. Probability is defined as the tool used in performance analysis for anticipating what the distribution of data
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the costs remain the same‚ what would the new breakeven point be? What would the total revenue be at this breakeven point? (Given in problem 1-19: fc of 2400 and vc of 25) (1-21) Mysi Farris (see problem 1-19) believes that there is a high probability that 120 pool cues can be sold if the selling price is appropriately set. What selling price would cause the breakeven point to be 120? (Given in problem 1-19: fc of 2400 and vc of 25) (1-23) A couple of entrepreneurial business students at
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1. How you would use the concept of probabilities to apply to profiles for hiring more satisfied individuals and 2. Other ways that probability is used in business (Use the Business Source Elite Database in the Cybrary‚ research how probability is used in business). Begin your email to AIU by first providing an overview of the database‚ i.e.‚ a story. Include the following pieces of information. Part I a) What is the gender distribution (%females and %males)? Solution. From the database
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college. A management trainee is selected at random. 1. What is the probability that the person selected is a female who did NOT attend college? = 0.80 * 0.30 = 0.24 (24%) 2. What is the probability that the person selected is a female who did attend college? = 0.80 * 0.70 = 0.56 (56%) 3. What is the probability that the person selected is a male who did NOT attend college? = 0.10 * 0.40 = 0.04 (4%) 4. What is the probability that the person selected is a male who did NOT attend college? = 0
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Year” by David Leonhardt‚ explains the misconceptions and realities of probabilities‚ mainly through a number of real life examples. Leonhardt begins with an initial example‚ the probability of a “full-scale war” occuring in Syria. Initially‚ Israel used classic intelligence reports‚ but‚ after years of leaders manipulating these reports to justify any event occurring‚ they decided to present leaders with estimated probabilities of different events. With this new approach‚ a report concluded that
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