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Hemmingway, Inc., is considering starting a research and development (R&D) project at an initial cost of $5 million. Profit projections appear promising, but the company's president is concerned because the probability that the R&D project will be successful is only 0.5. Secondly, the president knows that even if the project is successful, it will require that the company build a new production facility at a cost of $20 million in order to manufacture the product. If the facility is built, uncertainty remains about the demand and thus uncertainty about the profit that will be realized (0.5 chance of high demand, with a projected outcome of $59 million; 0.3 chance of medium demand, with a projected outcome of $45 million; 0.2 chance of low demand, with a projected outcome of $35 million). Another option is that if the R&D project is successful, the company could sell the rights to the product for an estimated $25 million. Under this option, the company would not build the $20 million facility.
a. Build a decision tree (DT) for this problem.b. Analyze the DT to determine the optimal strategy for the company. What is the expected value of the optimal strategy?c. What must be the selling price for the company to consider selling the rights to the product?d. Develop a risk profile for the optimal strategy.
A consumer organization estimates that over a 1-year period 17 percent of cars will require to be repaired once, 7 percent will need repairs twice, and 4 percent will require three or more repairs. What is the probability that a car chosen at rand..
Assume there are 18 homes in the Quail Creek area and 8 of them have a security system. Five homes are selected at random: What is the probability all five of the selected homes have a security system?
Determine the probability that at most 4 fish will be killed?
A high school counselor is interested in the percentage of students who will be going to college. She randomly picks 60 students and finds that 53 will be going to college. Use a 95% confidence level to find the population proportion.
You want to show an increase in buying and selling of single-family homes this year when compared with last year's rate.
Give an example of a polynomial of a degree 2 that satisfies the following two conditions: (1) the coefficient of x^2 is 1 and (2) the polynomial cannot be factored. Explain why the polynomial cannot be factored.
Horace Mann, principal of Jones Public School, has decided to construct a time series model to obtain a 2- and a 3-period moving average to forecast student enrollments for next term.
Explain in detail and give an original example of the four types of probability.
What is the probability that a randomly-selected truck travels between 30 and 60 thousand kilometres in one year. Standard deviation of 12.0 thousand kilometres.
Using the data for women, complete an analysis of CHD incidence in women similar to the one completed for men.
Choose the correct answer using sum of squared error (SSE).
Which of the following assumptions is not made for the F-test for comparing three or more means?
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