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Researchers at a pharmaceutical company have found that the effective time duration of a safe dosage of a pain relief drug is normally distributed with mean 2 hours and standard deviation 0.3 hour. For a patient selected at random:
a) What is the probability that the drug will be effective for 2 hours or less?
b) What is the probability that the drug will be effective for 1 hour or less?
c) What is the probability that the drug will be effective for 3 hours or more?
Describe appropriate treatment means μ1, μ2 and μ3. After that Test for statistically significant differences between these treatment means. Set α = 0.05.
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If a proposal evaluator randomly selected two proposals, what is the probability that both of them met the specified?
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Use a decision tree to describe the possible strategies and the consequences (or payoffs) of each. Show your decision tree.
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