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The management of a bank in the Caribbean was concerned about the potential loss that might occur in the event of a hurricane. The bank estimated that the loss from one of these storms could be as much as $100 million including losses due to interrupted service and customer relations.
One project the bank is considering is the installation of an emergency power generator at its operations headquarters. The cost of the emergency generator is $800,000, and if it is installed no losses from this type of storm will be incurred.
However, if the generator is not installed, there is a 10% chance that a power outage will occur during the next year. If there is an outage there is a 5% probability that the resulting losses will be very large or approximately $80 million in lost earnings. Alternatively, it is estimated that there is a 95% probability of only slight losses of around $1 million. Using decision tree analysis, determined whether the bank should install the new power generator.
Graph a relative frequency histogram for the 500 measurements summarized in the accompanying relative frequency table.
The average number of hours of sleep per night that a college freshman gets is 6.50 with a standard deviation of 1.80 hours. If 35 college freshmen are randomly chosen find the probability that they average at least seven hours of sleep per night.
A member of Congress wants to determine her popularity in a certain part of the state. She indicates that the proportion of voters who will vote for her must be estimated within plus or minus 2 percent of the population proportion.
A study of the time spent shopping in a supermar- ket for a market basket of 20 specific items showed an approximately uniform distribution between 20 minutes and 40 minutes. What is the probability that the shopping time will be:
1. What do discrete random variables describe? 2. Explain joint probability. 3. Explain conditional probability.
What is the probability that the project will be completed in 17 months or less?
High precision titanium spheres are popular components in manufacturing of ball bearings. A factory has ordered a shipment of 5000 titanium spheres from aboard. It is found that the shipment has a mean radius of 1.5 cm with a standard deviation ..
The resistances of carbon resistors of 1500 ohm nominal value are normally distributed with µ = 1500 and standard deviation = 200. What proportion of resistors is expected to have resistance greater than 1150 ohm?
As part of this trial, they want to find out whether there is a difference between effectiveness for women and for men. At = .05, what is the test value?
Construct a grouped frequency distribution using six classes.
What is the probability that a random person has an IQ between 85 and 115? Find the 90th percentile of the IQ distribution.
Which combination of factors has greatest likelihood of rejecting null hypothesis?
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