Question 1

A financial analyst is presented with information on the past records of 60 start-up companies and told that in fact only 3 of them have managed to become highly successful. He selected 3 companies from this group as the candidates for success.To analyze his ability to spot the companies that will eventually become highly successful, he will use what type of probability distribution?

Accepted Answer

A) binomial distribution. 
B) Poisson distribution. 
C) hypergeometric distribution. 
D) none of the above.

Question 2

SCENARIO 5-9 A major hotel chain keeps a record of the number of mishandled bags per 1,000 customers.In a recent year, the hotel chain had 4.06 mishandled bags per 1,000 customers.Assume that the number of mishandled bags has a Poisson distribution.
-Referring to Scenario 5-9, what is the probability that in the next 1,000 customers, the hotel chain will have between two and four inclusive mishandled bags?

Accepted Answer

The answer of SCENARIO 5-9 A major hotel chain keeps...

Question 3

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, if you decide to choose Design A for 90% of the production lines and Design B for the remaining production lines, what is the expected profit?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 4

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be at least 3 power outages in a year is ____________.

Accepted Answer

The answer of The number of power outages at a...

Question 5

SCENARIO 5-4 The following table contains the probability distribution for X = the number of traffic accidents reported in a day in a small city in the Midwest. 
-Referring to Scenario 5-4, the probability of at least 1 accident is ________.

Accepted Answer

The answer of SCENARIO 5-4 The following table contains the...

Question 6

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, what is the expected profit if you add more shifts to your production lines and choose to produce both designs?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 7

SCENARIO 5-10 An accounting firm in a college town usually recruits employees from two of the universities in town.This year, there are fifteen graduates from University A and five from University B and the firm decides to hire six new employees from the two universities.
-Referring to Scenario 5-10, what is the probability that all six of the new employees will be from University A?

Accepted Answer

The answer of SCENARIO 5-10 An accounting firm in a...

Question 8

SCENARIO 5-9 A major hotel chain keeps a record of the number of mishandled bags per 1,000 customers.In a recent year, the hotel chain had 4.06 mishandled bags per 1,000 customers.Assume that the number of mishandled bags has a Poisson distribution.
-Referring to Scenario 5-9, what is the probability that in the next 1,000 customers, the hotel chain will have no more than four mishandled bags?

Accepted Answer

The answer of SCENARIO 5-9 A major hotel chain keeps...

Question 9

Suppose that history shows that 60% of college students prefer Brand C cola.A sample of 5 students is to be selected.The probability that exactly 4 prefer brand C is ________.

Accepted Answer

The answer of Suppose that history shows that 60% of...

Question 10

SCENARIO 5-9 A major hotel chain keeps a record of the number of mishandled bags per 1,000 customers.In a recent year, the hotel chain had 4.06 mishandled bags per 1,000 customers.Assume that the number of mishandled bags has a Poisson distribution.
-Referring to Scenario 5-9, what is the probability that in the next 1,000 customers, the hotel chain will have more than ten mishandled bags?

Accepted Answer

The answer of SCENARIO 5-9 A major hotel chain keeps...

Question 11

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, if you decide to choose Design A for 90% of the production lines and Design B for the remaining production lines, what is the coefficient of variation of your investment?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 12

SCENARIO 5-13 Bell Computers manufactures personal computers at two plants, one in Arkansas and one in Utah.The Arkansas plant has 50 employees; the Utah one has 40 employees.A random sample of 12 employees was selected to complete a job satisfaction questionnaire
-Using Scenario 5-13, What is the probability fewer than five employees completing the questionnaire are from the Utah plant?

Accepted Answer

The answer of SCENARIO 5-13 Bell Computers manufactures personal computers...

Question 13

The covariance

Accepted Answer

A) must be between -1 and  
B) must be positive. 
C) can be positive or negative. 
D) must be less than

Question 14

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, what is your expected profit when Design A is chosen?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 15

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, if you decide to choose Design A for 70% of the production lines and Design B for the remaining production lines, what is the expected profit?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 16

The number of males selected in a sample of 5 students taken without replacement from a class of 9 females and 18 males has a binomial distribution.

Accepted Answer

A) True 
 B)False

Question 17

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be between 1 and 3 inclusive power outages in a year is ____________.

Accepted Answer

The answer of The number of power outages at a...

Question 18

SCENARIO 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. 
-Referring to Scenario 5-8, if you decide to choose Design A for 10% of the production lines and Design B for the remaining production lines, what is the expected profit?

Accepted Answer

The answer of SCENARIO 5-8 Two different designs on a...

Question 19

Suppose that the number of airplanes arriving at an airport per minute is a Poisson process.The mean number of airplanes arriving per minute is 3.The probability that exactly 6 planes arrive in the next minute is 0.05041.

Accepted Answer

A) True 
 B)False

Question 20

An Undergraduate Study Committee of 6 members at a major university is to be formed from a pool of faculty of 18 men and 6 women.If the committee members are chosen randomly, what is the probability that precisely half of the members will be women?

Accepted Answer

The answer of An Undergraduate Study Committee of 6 members...

Exam 5: Discrete Probability Distributions

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be at least 3 power outages in a year is ____________.

SCENARIO 5-4 The following table contains the probability distribution for X = the number of traffic accidents reported in a day in a small city in the Midwest. -Referring to Scenario 5-4, the probability of at least 1 accident is ________.

Suppose that history shows that 60% of college students prefer Brand C cola.A sample of 5 students is to be selected.The probability that exactly 4 prefer brand C is ________.

The covariance

The number of males selected in a sample of 5 students taken without replacement from a class of 9 females and 18 males has a binomial distribution.

The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be between 1 and 3 inclusive power outages in a year is ____________.

Suppose that the number of airplanes arriving at an airport per minute is a Poisson process.The mean number of airplanes arriving per minute is 3.The probability that exactly 6 planes arrive in the next minute is 0.05041.

An Undergraduate Study Committee of 6 members at a major university is to be formed from a pool of faculty of 18 men and 6 women.If the committee members are chosen randomly, what is the probability that precisely half of the members will be women?