Determine the probability for next year

Reference no: EM1349940

1. Losses to Callaghan Company are assumed to be distributed normally, with a mean of $75,000 and a standard deviation of $4,000. Calculate the probable range of losses if the risk manager desires 95 percent confidence in the estimate.

2. QAZ Company owns a fleet of 100 automobiles, for which the probability of loss is approximately equal to 0.05. Use the Poisson distribution to estimate the probability that QAZ will suffer two or fewer auto accidents next year.

Reference no: EM1349940

Questions Cloud

Biggest advantages of mathematical model : What would be the biggest advantages of a mathematical model that supports major investment decisions? Discuss in scholarly detail.

Strategic interference and the evocation of anger and upset : Critically assess the research question that is addressed in the article "Conflict Between the Sexes: Strategic Interference and the Evocation of Anger and Upset" by David M. Buss. What is the hypothesis of the study?

Question about conflict in organizations : Describe observations and perceptions of conflict occurring at DELTA AIRLINES - Analysis. Use any theories and models learned in class that lead to an understanding of the behavioral and psychological dynamics of the situation.

Illustrate what price do you think this firm should charge : Illustrate what price do you think this firm should charge if it wants to maximize its short-run profit.

Determine the probability for next year : QAZ Corporation owns a fleet of 100 automobiles, for which the probability of loss is approximately equal to .05. Apply the Poisson distribution to determine the probability that QAZ will suffer two or fewer auto accidents next year.

Differentiating conventional decision support system and es : A major difference between a conventional decision support system and an ES is that the former can explain a "how" question whereas the latter can also explain a "why" question.

Determine the overall efficiency of plant : For a certain change, the value of ëU is -2.37 kJ. During the change, system absorbs 650 joules. How much work did the system do.

How vegetarians sometimes have trouble : How vegetarians sometimes have trouble making sure they get enough protein in their diets.

How to motivate staff-productivity and conflict : If you get disgruntled with anyone else in the organization; or if someone is disgruntled with you how do you handle the situation other than to remain silent?

User Account

All Pages