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Question: The senior executives of an oil company are trying to decide whether to drill for oil in a particular field in the Gulf of Mexico. It costs the company $600,000 to drill in the selected field. Company executives believe that if oil is found in this field its estimated value will be $3,400,000. At present, this oil company believes that there is a 45% chance that the selected field actually contains oil. Before drilling, the company can hire a geologist at a cost of $55,000 to prepare a report that contains a recommendation regarding drilling in the selected field. In many similar situations in the past where this geologist has been hired, the geologist has predicted oil on 75% of all fields that have contained oil, and he has predicted no oil on 85% of all fields that have not contained oil.
a. Assuming that this oil company wants to maximize its expected net earnings, use a decision tree to determine its optimal strategy.
b. Calculate and interpret EVSI for this decision problem. Experiment with the accuracy probabilities of the geologist to see how EVSI changes as they change.
c. Calculate and interpret EVPI for this decision problem.
The n =10 patients had a mean decrease in IOP of = 15.2 mm Hg with a standard deviation of the 10 IOPs equal to s = 9.8 mm Hg after 15 weeks of using the drug. Determine the appropriate sample size for an a α = .01 test to have at most a .10 pr..
An immediate adjustment will be made on any tire that does not last 50,000 miles." You purchased four of these tires. What is the probability that all four tires will last more than 50,000 miles?
Calculate the range and the standard deviation. Add 2 points to each score and compute the range and the standard deviation again. Describe how adding a constant to each score influences measures of variability.
Your task is to develop a short questionnaire with at least three "issue" questions and at least three demographic questions. You also need to provide the finished layout design for the questionnaire.
Web-based exercise. Willie Mays is fourth on the career home run list, behind Barry Bonds, Hank Aaron, and Babe Ruth. You can find Willie Mays's home run.
The unmanned exploration of planets such as Mars requires a high level of autonomy because of the communication delays between robots in space and their Earth-based stations. This affects all the components of the system:
For a random sample of 50 batteries, what is the probability that the sample mean will be less than 27.5 hours?
Horse pregnancies. Bigger animals tend to carry their young longer before birth. The length of horse pregnancies from conception to birth varies.
Assume Nick doesn't know how his received he suppose that all three states of nature are equally likely to occur. If Nick uses the equally likely criterion illustrate what decision would he make.
A survey of 500 non-fatal accidents showed that 226 involved the use of a cell phone. Construct a 99% confidence interval for the proportion of fatal accidents that involved the use of a cell phone.
He would like to estimate with .05 of the true proportion with a confidence level of 90%. What is the sample size needed?
Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community.
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