Exam 27: Modeling With Probability

Insurance company records indicate that 10% of its policyholders file claims Involving theft or robbery of personal property from their homes. Suppose a random Sample of 400 policyholders is selected. The probability that the sample proportion of Policyholders filing claims involving theft or robbery from their homes is less than 8% is

In a particular production process, drying times for newly pained parts are Uniformly distributed between 2 and 8 minutes. The probability that a part dries in less Than 6 minutes is

A survey of investors finds that 60% use a full service brokerage firm to invest in Stocks, 30% trade stocks online and 24% do both. The probability that an investor Selected at random uses a full service brokerage firm or trades stocks online is

A theorem that allows us to use the normal probability distribution to approximate The sampling distribution of the sample mean whenever the sample size is large (over 30) Is the

Suppose the time it takes for a purchasing agent to complete an online ordering Process is normally distributed with a mean of 8 minutes and a standard deviation of 2 Minutes. Suppose a random sample of 25 ordering processes is selected. What is the Probability that the sample mean will be less than 7.5 minutes?

Insurance company records indicate that 10% of its policyholders file claims Involving theft or robbery of personal property from their homes. Suppose a random Sample of 400 policyholders is selected. The standard deviation of the sampling Distribution of the sample proportion of policyholders filing claims involving theft or Robbery from their homes is

A government agency has 6000 employees. As an alternative to the traditional Five day work week, employees were asked whether they preferred a four day work week (10 hours per day) or flexible hours. The table below shows the results by age category. What is the probability that an employee at this government agency prefers a four day Work week? Age Category Prefers 4 Day Week Prefers Flex Hours Under 30 600 300 30-45 1200 1500 Over 45 2100 300

The number of claims for lost luggage in a small city airport averages nine per Day) Assuming the Poisson distribution, what is the probability that there will be fewer Than 3 claims on any given day?

An advocacy group is investigating whether gender has an effect on job category In large investment firms. She surveyed a sample of firms with the following results: Job Category Male Female Clerical / Technical 85 215 Professional Staff 720 480 Executive / Managerial 400 100 What is the probability that a randomly selected employee's job category is executive / Managerial given that she is female?

A publishing company conducted a survey of its readership and found that 60% Subscribed to Food & Wine, 30% subscribed to Wine Spectator, and 25% subscribed to Both. The probability that a reader does not subscribe to either is

IT staff for a large corporation has developed the following probability Distribution for the number of calls requiring troubleshooting problems per day. Based On the distribution, the expected number of calls per day is Number of Calls Probability 0 .32 1 .35 2 .18 3 .10 4 .05

A men's clothing store has determined the following probability distribution for The number of special size orders placed per month. Based on this distribution, the Standard deviation in the number of special size orders placed per month is Number Ordered Probability 0 .10 5 .10 10 .12 15 .30 20 .38

Suppose the time it takes for a purchasing agent to complete an online ordering Process is normally distributed with a mean of 8 minutes and a standard deviation of 2 Minutes. What is the probability that it takes longer than 11 minutes for the purchasing Agent to complete the process?

A government agency has 6000 employees. As an alternative to the traditional Five day work week, employees were asked whether they preferred a four day work week (10 hours per day) or flexible hours. The table below shows the results by age category. Which of the following statements is true about work week preferences and age Category? Age Category Prefers 4 Day Week Prefers Flex Hours Under 30 600 300 30-45 1200 1500 Over 45 2100 300

As a result of the financial crisis on Wall Street in September 2008 that required Federal government intervention, a survey showed that 40% of Americans reallocated Their investments to reduce exposure to the stock market. What is the probability that out Of 5 randomly selected Americans, none will have reallocated their investments in this Way?

IT staff for a large corporation has developed the following probability Distribution for the number of calls requiring troubleshooting problems per day. Based On the distribution, the standard deviation in the number of calls per day is Number of Calls Probability 0 .32 1 .35 2 .18 3 .10 4 .05

An advocacy group is investigating whether gender has an effect on job category In large investment firms. Given the results shown in the table below, which of the Following statements is true about gender and job category? Job Category Male Female Clerical / Technical 85 215 Professional Staff 720 480 Executive / Managerial 400 100

Suppose the time it takes for a purchasing agent to complete an online ordering Process is normally distributed with a mean of 8 minutes and a standard deviation of 2 Minutes. Suppose a random sample of 25 ordering processes is selected. The standard Deviation of the sampling distribution of mean times is

A quality assurance manager is interested in determining the likelihood that more Than 20 calls come in to a particular customer service center per hour. What method Would be most appropriate for assigning this probability?

A telecommunications company is interested in determining the likelihood of a New breakthrough technology being developed in the next ten years. What type of Probability would they estimate?