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Scott
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Customer Question
If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)
Answer True
False .
2 points
Question 2
Probability trees are used only to compute conditional probabilities.
Answer True
False .
2 points
Question 3
Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed.
Answer True
False .
2 points
Question 4
The maximin approach involves choosing the alternative with the highest or lowest payoff.
Answer True
False .
2 points
Question 5
The Hurwicz criterion is a compromise between the minimax and minimin criteria.
Answer True
False .
2 points
Question 6
The minimin criterion is optimistic.
Answer True
False .
2 points
Question 7
The equal likelihood criterion assigns a probability of 0.5 to each state of nature.
Answer True
False .
2 points
Question 8
A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A's. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)
Answer
80
83
90
93
.
2 points
Question 9
The chisquare test is a statistical test to see if an observed data fit a _________.
Answer
Normal probability distribution
continuous probability distribution
particular probability distribution
All of the above
.
2 points
Question 10
Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. Find the probability that a randomly selected college student will take between 2 and 6 minutes to find a parking spot in the main parking lot.
Answer
0.1950
0.4772
0.4332
0.6247
.
2 points
Question 11
A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
If the probability of brisk business is .40 and for slow business is .60, the expected value of perfect information is:
Answer
12
55
57
69
.
2 points
Question 12
The maximin criterion results in the
Answer
minimum of the maximum payoffs
maximum of the maximum payoffs
maximum of the minimum payoffs
minimum of the minimum payoffs
.
2 points
Question 13
A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
The maximax strategy is:
Answer
Rent
Buy
Brisk
Slow
.
2 points
Question 14
A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
The maximin strategy is:
Answer
Buy
Rent
Lease
All three tie.
.
2 points
Question 15
A brand of television has a lifetime that is normally distributed with a mean of 7 years and a standard deviation of 2.5 years. What is the probability that a randomly chosen TV will last more than 8 years? Write your anwsers with two places after the decimal.
Answer .
2 points
Question 16
A life insurance company wants to estimate their annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years. What proportion of the plan recipients would receive payments beyond age 75? Round your answer to four places after the decimal.
Answer .
2 points
Question 17
A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature.
Alt S1 S2
1 10 2
2 2 8
3 8 5
What is the highest expected value? Assume that the probability of S2 is equal to 0.4.
Answer .
2 points
Question 18
The quality control manager for ENTA Inc. must decide whether to accept (a1), further analyze (a2) or reject (a3) a lot of incoming material. Assume the following payoff table is available. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50 % chance that the lot is fair quality (s2) and 20% chance that the lot is good quality (s3).
What is the numerical value of the minimax regret?
Answer .
2 points
Question 19
Consider the following decision tree.
What is the expected value for the best decision? Round your answer to the nearest whole number.
Answer .
2 points
Question 20
A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature.
Alt S1 S2
1 10 2
2 2 8
3 8 5
Compute the expected value of perfect information assuming that the probability of S2 is equal to 0.4.
Answer .
2 points
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Submitted:
2 years ago.
Category:
Homework
Expert:
Steve
replied 2 years ago.
hI,
Can you upload the file? (i do not see some symbols)
Thanks
Steve
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Expert:
Steve
replied 2 years ago.
You can upload any file using
www.mediafire.com
Upload the file, share it and place the download link here
Steve
Ask Your Own Homework Question
Customer:
replied 2 years ago.
did you get it
Expert:
Steve
replied 2 years ago.
No, i can´t see any link to downlaod the file
Go to www.mediafire.com (is free)
Upload the file
Share it and place the download link here
Tell me if you have any doubt about it
Thanks
Steve
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