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Selecting a Staff Person: At a community swimming pool there are 2 managers, 8 lifeguards, 3 concession stand clerks, and 2 maintenance people. If a person is selected at random, find the probability that the person is either a lifeguard or a manager.
Develop a decision tree for the case of a company operating at full capacity and with product demand rising. The choice is between new equipment and overtime.
If Stephenson wishes to maximize its total market value, would you recommend that it issue debt or equity to finance the land purchase? Explain.
At 95% level of confidence, can we conclude that the babies using the Gibbs product gained less weight?
Explain clearly, in your own words, what is a Type I error in this context.
Create ADM/PERT diagram. Determine the critical path.
You're considering investing in a portfolio of the common stocks of four publicly-traded companies with betas as follows:
In part b, the sample have greater variability than part a, but the sample sizes are unchanged. how does the larger variability affect the size of the standard error for the sample mean?
Explain with the help of a text or personal example, the use and application of Bayes' approach. Briefly, what is the history of Bayesian statistics
Four brands of light bulbs are being considered for use in the final assembly area of the Saturn plant in Spring Hill, Tennessee. The director of purchasing asked for samples of 100 from each manufacturer.
How can the Binomial and Poisson probability distributions be utilized in solving business and marketing related questions? Identify an example of each.
Find the probability that a random selection of 9 songs will have mean length of 186.30 seconds or less. Assume distribution of the lengths of the songs is normal.
A confidence interval estimate for the population mean is given to be (41.16, 49.85). If the standard deviation is 16.290 and the sample size is 54, answer each of the following (show all work):
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