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Q1: A system consists of five identical components connected in parallel. Determine the reliability of the components such that the system reliabilty is 97%.
Is it reasonable for the manufacturer to claim that the drill bits will last 2.5 hours?
The bank wishes to inform prospective customers that '99 times out 100 we can process your application in q working days'. Assuming that the normal distribution is still an adequate model, calculate q.
What is the best prediction for the number of products sold based on advertising costs of $7000?
Find out the Expected value of the perfect information for the given problem. Given the subsiquent cost tree, illustrate what is the expected outcome.
Assume you choose 20 houses at random. On average, how many houses of twenty would you expect to have DVD? Determine standard deviation of number of houses with DVD?
The GMAT scores of MBA students is assumed to be distributed normally with a mean of 530 and a standard deviation of 80. The GMAT scores of ten students are selected randomly.
Define the rejection region. State the statistical decision.
Students need a score of 60 points to pass the exam. What is the probability that a randomly selected student will pas the exam? (P(X ≥ 60))
What if the assumption E[u/x]=0 is not satisfied? Illustrate using an example. Explain the relationship represented by a population regression function.
Choose a group of 4 adults at random. What is the probability that none of them enjoy drinking beer?
An accounts receivable auditor is examining accounts for a client. The accounts receivable balance can be considered as a continuous random variable that exhibits normal distribution characteristics.
Formulate this statement as a multiple regression model (form only, without parameter estimation).
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