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A financial executive lives in Ottawa but must travel to Toronto frequently. She can go to Toronto by car, train, or plane. The cost for a plane ticket from Ottawa to Toronto is $285, and it is estimated that the trip takes 65 minutes in good weather and 70 minutes in bad weather. The cost for a train ticket is $190, and the trip takes four hours in good weather and 4 hours and 10 minutes in bad weather. The cost to drive her own car from Ottawa to Toronto is $70, and this trip takes four hours in good weather and five in bad weather. The executive places a value of $75 per hour on her time. The weather forecast is for a 60% chance of bad weather tomorrow.
What decision would you recommend? (Hint: set up a payoff table, and remember that you want to minimize costs.) What is the expected value of perfect information?
What is the probability that the equipment will undergo maintenance if it is performing satisfactorily? what is the probability that the equipment will not undergo maintenance if it is not performing satisfactorily?
A random sample of 60 accounts gives a sample variance of 1,228.- Give a 95% confidence interval for the variance of all accounts.
One possible explanation for why some birds migrate and others maintain year round residency in a single location is intelligence.
The article "The Prediction of Corrosion by Statistical Analysis of Corrosion Profiles" (Corrosion Science, 1985: 305-315) suggests the following cdf for the depth X of the deepest pit in an experiment involving the exposure of carbon manganese st..
Using what you have learned this week and in the course so far, write a letter to either your Representative, Senator, or one of your State Legislators concerning a specific public policy.
if a person bought one share of google stock within the last year what is the probability that the stock on that day
Develop a linear regression model to predict MPG using horsepower as the only independent variable. Develop another model with weight as the independent variable. Which of these two models is better?
peas are generated from parents having the greenyellow pair of genes so there is a .75 probability that an individual
A researcher expects the population proportion of the Cubs Fans in Chicago to be 80%. Error of less than 5% confident of an estimate to be made from a mail survey. What is the sample size required?
below are the ages of people arrested on theft charges at a mississippi county jail. for this sample calculate the
Lincoln Democrats refused to accept Stephen Douglas as their presidential nominee in 1860 because he had insisted in his ______ that settlers in a territory could help keep slavery out by refusing to enact a slave code
four hundred draws are made at random with replacement from a box. the average of the draws is 152.4 and their sd is
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