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The managers of NOVA Constructions are considering to buy a patent of a latest mixing plant and there objective is to maximize profit. ALLCO Engineers designed and developed the new Robotic Mixing Plant and offered its patent to NOVA. To keep it simple if NOVA accept this deal, the average net contribution to profit during product life cycle (estimated 5 years) of the new Robotic Electrical mixing Plant is estimated to be $154 million, $61.20 million and -$65.42 million for high, moderate and low market condition respectively.
Marketing department of NOVA constructions also estimated that there is a 16% probability that market will be high, 62% probability that the market will be moderate. If they didn't go for the patent deal and invest same amount of money what they have to pay for patent another alternate can contribute 28.04 million profit for the same period (i.e. estimated 5 years)
Draw the complete decision tree and determine whether the product should be launched or not.
The average score for the sample is M = 76. For the general population of college students, writing scores form a normal distribution with a mean of µ = 70.
Suggest one psychological research question that could be answered by each of the following types of statistical tests:
Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.
using a significance level of .05, test the hypothesis that the intake of linoleic acid in this group is lower than that of the general population. Also, compute a p-value for the hypothesis test.
A marketing agency has developed three vacation packages to promote a timeshare plan at a new resort. They estimate that 20% of potential customers will choose the day plan
The American Automobile Association checks the prices of gasoline before many holiday weekends.
What is the 95% confidence interval for the proportion of smokers in the population (to 4 decimals)?
Let us speek where the preceding data are representative of the entire sector of retail sales companiesSuppose the annual profits are more than 6.5 thousand $ every employee.
Lauren Moore has sold her business for $500,000 and wants to invest in condominium units ( which she intends to rent) and land ( which she will lease to a farmer).
What are the two ways of testing a correlation coefficient for significance?
Give an example of a hypothesis test. State what the Null and the Alternative hypotheses.
The value of the z score in a hypothesis test is influenced by a variety of factors. Assuming that all other variables are held constant explain how the value of z is influenced by each of the following: (a) increasing the difference b/w the sampl..
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