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A company is bidding on three contracts with values of $20 million, $80 million and $50 million with corresponding win probabilities of ½ ¼ and ¾.
a) Determine and plot the probability mass function and probability distribution function of the contract award amount (in millions of dollars).
b) What is the probability of being awarded at least $100 million?
c) What is the mean, variance & standard deviation of contract award amount (in millions of dollars)?
Compare two models. Model #1 has an r-squared of .25 and an adjusted r-squared of .10. Model #2 has an r-squared of .20 and an adjusted r-squared of .14. Given this information, what model should you use?
Suppose the probability of the worst-case scenario increases Compute the expected value of perfect information
Do the data indicate a significant difference? Test with ∝ = .05.
If you had only one minute to estimate the standard deviation of a frequency distribution using only the information that can be obtained from a stem and leaf display, how would you do it and why?
A haulage contractor has two loads to deliver to separate customers. He has 4 trailers of which 2 are new. If the trailers are randomly chosen for any particular delivery: (a) In how many ways can the trailers be allocated the deliveries?
Assuming that the first digit cannot be a zero, compute the number of possible outcomes when the digits can be repeated.
Determine the rejection region for the hypothesis Ho : mean D= 0 if H a : mean D > 0. Use a = 0.01. z>
Explain the logic of what you have done, writing as if you are speaking to someone who has never heard of correlation (but who does understand the mean, deviation scores, and hypothesis testing);
What extremely important characteristic of the data set is not considered in the hypothesis test?
What is the probability of drawing two diamonds after discarding 5 and 7.
A researcher used stepwise regression to create regression models to predict Birth-Rate (births per1000) using five predictors:
What are the pros and cons of selecting an established theoretical or conceptual model or framework? What are the pros and cons of creating/developing your own?
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