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A consulting firm has an option to bid on a contract that will yield $500,000 profit if it is awarded the contract. However, if the firm decides to bid on the contract and it is not awarded to the firm, it will incur a net loss of $125,000 due to the personnel cost involved in developing the contract proposal and profits lost from alternative consulting efforts. The firm does not have sufficient capacity to undertake the contract and the alternative efforts simultaneously. The alternative consulting jobs are certain to yield $75,000 in profit. The chance of obtaining the contract has been assessed at 0.3.
a) Should the company bid on the contract?
b) During a marketing visit a positive indication was obtained. in the past this has resulted in improving the chance of receiving the contract to 0.6. Does this change your decision in part (a)?
c) What is the expected value of perfect information?
Perception of Time- Randomly selected statistics students of the author participated in and experiment to test their ability to determine when 1 min(or 60 seconds) has passed.
1. given the sample mean is 34020 the sample standard deviation is 2200 n 32 determine the 90 confidence interval
a certain segment of the sky contains z starts. each star is either a red giant with probability 13 or a white dwarf
suppose you are using a completely randomized design to study some phenomenon. there are three treatment levels and a
Test to determine if there is a significant negative relationship between the independent and dependent variable at a = .05 and .01
Conduct a test at the .05 level of significance to determine if there is any difference in the mean selling price of new homes in Omaha versus Kansas City.
the mean height of women in a country ages 20-29 is 64.2 inches. a random sample of 75 women in this age group is
Utilize this information to construct a probability table, and then calculate each of the given probabilities:P (female and domestic car).
which of the following statements are true if the value of the test statistic for a two-tailed z test is z -1.56?a.
What is the probability that the realtor sells more than 10 houses?
How is data screening related to the assumptions of the statistic you will choose to analyze your data?
According to the undecidability theorem, most software quality properties are not provable. Therefore, what kind of testing techniques do we use to achieve software quality?
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