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An item is subjected to a series of n tests (example: hardness, weight, length, etc.). Two known constants are associated with carrying out the ith test in the series. The constants are Ki (the cost per item of carrying out the ith test) and Ri (the probability of rejecting the item based on the ith test). The tests are independent in the sense that they may be run in any order, and the constants (Ki and Ri) are independent of the test order. For a given sequence of tests, an item is subjected to each test in the sequence in turn as long as the test does not reject the item (if an item is rejected by any test, no further tests are performed).
Determine the test sequence that minimizes the total expected cost of testing an item. Prove that your proposed sequence is optimal in minimizing the total expected cost of testing an item.
One of the most famous probability calculations is called the "birthday problem". In probability theory, the birthday problem or birthday paradox concerns the probability that, in a set of n randomly chosen people
You are assigned to be part of a team of three analysts of a global management consulting company where of the entire work force of analysts. 55% have had no experience in telecommunications
The management of White Industries is considering a new method of assembling its golf cart. The present method requires 42.3 minutes, on the average, to assemble a cart.
Create and attach a normal curve to this document with the following elements: the normal curve, a label of the average number of shoppers, and labels for the sample means of 441 and 446 shoppers. Include all the appropriate symbols.
What is the probability of a fatal accident over a lifetime? Explain your reasoning carefully. Hint: Assume independent events. Why might the assumption of independence be violated? Why might a driver be tempted not to use a seat belt "just on thi..
A magazine article stated that the average age of women who are getting married for the first time is 26 years. A researcher decided to test this hypothesis at α = .02. She selected a sample of 25 women who were recently married for the first time..
A 6-sided die is rolled and depending on the result a ball is then chosen from one of three boxes. If the roll results in a 1 a ball is drawn from box A
Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
There are many nonparametric tests that have been developed over the years. Explain what nonparametric tests are and why they were developed.
Nine percent of undergraduate students carry credit card balances greater than $7,000. Suppose 10 undergraduate students are selected randomly to be interviewed about credit card usage.
An insurance company states that 90% of its claims are settled within 5 weeks. A consumer group selected a random sample of 100 of the company's claims and found 75 of the claims were settled within 5 weeks.
Soft Drinks a vending machine automatically pours soft drinks into cups. As the amount of soft drink dispensed into a cup is normally distributed
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