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Rob Johnson is a product manager at Diamond Chemicals, which is considering whether to launch a new product line that will require it to build a new facility. The technology required to produce the new product is yet untested. If Rob decides to build the new facility and the process is successful, Diamond Chemicals will realize a profit of $650,000. If the process does not succeed, the company will lose $800,000. Rob estimates that there is 60% probability that the process will succeed.
Rob can also decide to build a pilot plant for $50,000 to test the new process before deciding to build the full-scale facility. If the pilot plant succeeds, Rob feels there is 85% chance of the success of the full-scale facility. If the pilot plant fails, Rob feels there is only 20% chance of the success of the full-scale facility. The probability that the pilot plant will succeed is approximately 60%. Structure this problem using a decision tree and advise Rob what to do.
Read the data from the fictitious research study regarding diabetes and alcohol consumption, and analyze and interpret the results.
It falls into the region of alternative is accepted greater than .95
Use the normal approximation to estimate the probability of at least one disaster in 25 missions.
The weight of the first orange minus the weight of the second orange) is a random variable with standard deviation and individual outcomes are uncertain but happen in a predictable manner through time.
The following data show the cost of electricity during August 2010 for a random sample of 50 one-bedroom apartments in a large city:
Of the 1,4000 homemakers sampled, 420 were able to identify the brand by name. Compute the standard error of the proportion.
Decision rule which chooses alternative associated with smallest maximum opportunity loss is?
A bank wants to get new customers for their credit card. They try two different approaches in their marketing campaign. The first promises a "cash back" reward; the second promises low interest rates. A sample of 500 people are mailed the first br..
Calculate the paired sample t statistic for these mood scores and How has the relation between the mean and the median changed? What does this suggest about the distribution of the transformed data?
Determine equation in point-intercept form for line that goes through points (8,-1) and (4,3).
Which of these following statements provides the best guidance for the model building?
Another day, it took Eric only 12 minutes to get to work. Using the same formula, determine the z value. Is it positive or negative? Explain why it should be positive or negative.
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