Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
City officials in Fort Lauderdale, Florida, are trying to decide whether to evacuate coastal residents in anticipation of a major hurricane that my make landfall near their city within the next 48 hours. Based on previous studies, it is estimated that it will cost approximately $1 million to evaluate the residents living among the coast of this major metropolitan area. However, if city officials choose not to evaluate their residents and the storm strikes Fort Lauderdale, there would likely be some deaths as a result of the hurricane's storm surge along the coast. Although city officials are reluctant to place an economic value on the loss of human life resulting from such a storm, they realize that it may ultimately be necessary to do so to make a sound judgment in this situation. Prior to making the evacuation decision, city officials consult hurricane experts at the National Hurricane Center in Coral Gables regarding the accuracy of past predictions. They learn that in similar past cases, hurricanes that were predicted to make landfall near a particular coastal location actually did so 60% of the time. Moreover, they learn that in past similar cases hurricanes that were predicted not to make landfall near a particular coastal location actually did so 20% of the time. Finally, in response to similar threats in the past, weather forecasters have issued predictions of a major hurricane making landfall near a particular coastal location 40% of the time.
a. Let L be the economic valuation of the loss of human life resulting from a coastal strike by the hurricane. Employ a decision tree to help these city officials make a decision that minimizes the expected cost of responding to the threat of the impending storm as a function of L. To proceed, you might begin by choosing an initial value of L (pick approximate figure to start) and then perform sensitivity analysis on the optimal decision by varying this model parameter. Summarize your findings.
b. For which value of L will these city officials always choose to evaluate the coastal residents, regardless of the Hurricane Center's prediction?
Find the probability that both light bulbs failed the test. Find the probability that both light bulbs passed the test. find the probability that at least one light bulb failed the test.
Consider the following data for two independent random samples taken from two normal populations. What is the 90% confidence interval estimate of the difference between the two population means?
Assume that the standard deviation of monthly rents paid by students in a particular town is $40. A random sample of 100 students was taken to estimate the mean monthly rent paid by the whole student population. What is the probability that the sam..
An advertising agency that serves a major radio station wants to estimate the mean amount of time that the station's audience spends listening to the radio daily. From past studies, the standard deviation is estimated as 45 minutes.
questionpart aan automotive expert claims that the large number of self-serve petrol stations has resulted in poor
Amount of housework done by men and women in dual-earner marriages. The study showed that 67.5% of the men felt that the division of housework was fair?
Electronic baseball games manufactured by Tempco Electronics are shipped in lots of 25. Before shipping, a quality control inspector randomly selects a sample of 6 from each lot for testing. If sample contains any defective games, the entire lot i..
Which of the following is true about the random variables X, Y, and Z?
Which measure of association do you use to compare the relationship between these variables? Why?
What do we need to consider when we try to select a test? Choose one of the tests; discuss your understandings of that test.
What is the value of the sample mean resonance frequency? The confidence level for one of these intervals is 90% and for the other it is 99%. Which is which, and how can you tell?
1. the labor relations manager of a large corporation wished to study the absenteeism among workers at the companys
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd