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Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,200, while a major accident might cost $10,000. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a fender bender, or that you would be involved in a major accident. Assume that you researched insurance industry statistics and found out that the probability of major accident is 0.06%, and that the probability of a fender bender is 0.15%. What is the expected value decision? Would you choose this? Why or why not? What would be some alternate ways to evaluate risk?
Use a .05 significance level to test claims that quarters manufactured with the new equipment have weights with a standard deviation less than .061
Claculate the exponential also adjusted exponential smoothing forecast and linear trend forecasting. The hotel has experienced the following occupancy rates for the past 9 years.
What sample size would be needed to obtain an error of ±10 square millimeters with 99 percent confidence?
You may assume the sample data comes from a population that follows a normal distribution.
each person received was determined by randomization. For each person who was sent one of the surveys, the researcher recorded whether or not a completed survey was returned.
What is the total expected annual inventory cost at the optimal order quantity? What is the re-order point?
Test the claim that the mean age of the prison population in one city is less than 26 years. Sample data are summarized as n = 25, x = 24.4 years, and s = 9.2 years. Use a significance level of α = 0.05.
Determine mean and standard deviation for number of erroneous returns per batch.
At 5 % level of significance, does this sample prove violation of the guideline that average patient muts pay no more than $250 out-of-pocket? Is this a close decision?
Construct a 95 percent confidence interval for the true mean.
A burglar plans his crimes so carefully that the lengths of the burglary are uniformly distributed between 50.0 and 52.0 minutes. Find the probability that a given burglary runs between 51.0 and 51.5 minutes.
Write a one-page report to Ms. Gupta presenting your conclusions regarding the market performance of Brand 1.
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