An inspector correctly identifies 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is .736.
A: Use Binomial table to discover , add 3 probabilities for 0,1,2
A continuous random variable may assume only integer values within a given interval.
A decision tree is a diagram consisting of circles decision nodes, square probability nodes and branches.
A table of random numbers must be normally distributed and efficiently generated
Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.
Data cannot …show more content…
An online sweepstakes has the following payoffs and probabilities. Each person is limited to one entry The probability of winning at least 1000 is _
Consider the following decision tree. What is the expected value at node 4?
A: payoff * probability
An investor is considering 4 different opportunities. ABCD. The payoff for each opportunity will depend on the economic conditions. IF the probs of each economic condition are .5,.1,.35,.05 what is the highest expected payoff.
A: multiply 508.5=.1*75+.35*20+30*.05, repeat for each row to see which is highest payoff
Given the following random number ranges and following number sequence 62, 13, 25, 40, 86, 93. Determine the average demand for the following distribution of demand.
A: Multiply number with demand and then calculate average of the demands
Daily highs in sacramento for the past week from least to most recent were 95,102,101,96,95,90 and 92. Develop a forcast for today using a weighted moving average with weights of .6,.3 and .1 where the highest weights applied to the most recent data.
A: use three most recent periods 92*.6+90*.3+95*.1=
Use the equation of the regression line to forecast the increased sales for when the number of ads is 10.
Daily highs in sacraments … develop a forecast for today using a 2 day moving average.
Use exponential smoothing with a = .02 and the smoothed forcast for july is 32. Determine the smoothed