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What is the numerical value of the minimax regret?
Compute the expected value of perfect information assuming that the probability of S2 is equal to 0.4.
A box in a certain supply room contains seven 40-W lightbulbs, six 60-W bulbs, and three 75-W bulbs. Suppose that three bulbs are randomly selected. (Round your answers to four decimal places.)
What are examples of variables that follow a binomial and poisson distribution, and when might you use geometric probabilty?
The manufacturer of silicon wafers used in integrated circuits requires the removal of contaminating particles of a certain size. This process rinses batches of 20 wafers with deionized water. Perso
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 minut
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 c
If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4, and 0.4, respectively what is the EVPI for this situation?
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 th
Calculate the probability that the second failure of one of the gentlemen's automobiles (not the second failure of a single car) occurs before time point 10.
Let X1,..., Xn be identically distributed with cdf F. Let Sn = X1+...+Xn.
Use the moment generating function of Normal(0,1) random variable (no need to derive it) to find the first 4 moments.
The following frequency distribution shows the price per share for a sample of 30 companies listed on the New York Stock Exchange. Assume there are no price per shares between 29 and 30, 39 and 40,
A study indicated that 41% of children ages 2 to 5 years had a good diet-an increase over previous years. How large a sample is needed to estimate the true proportion of children with good diets wit
Suppose gambler keeps playing roulette (and betting a $1 each time) until the first time a bet is lost, at which point the gambler quits playing for the night. What is the expected value and standar
The purchasing department of a major company has 100 employees, 22 of whom have no children, 50 of whom have exactly one child, and 28 of whom have exactly two children. Calculate the mean number o
If we flip a fair die 1,000 times, what would we expect the mean number of dots to be?
How many different five-character passwords can be formed from the lowercase letters of the alphabet if repetition is not allowed?
What are the odds of all 5 lug nuts falling off the same pick-up truck wheel at the same time?
This same expert estimates that if the colts play the ravens, the mean and standard deviation of the point spread will be 6.5 and 10.5, whereas if the colts play the patriots, the mean and standard
When booking customers for hotel rooms, Holiday Inn knows the probability of a customer not showing up is 0.05. Because, they institute a policy to sell 44 rooms in a hotel that contains only 40. W
An experiment to study the lifetime (in hours) for a certain type of component involved putting 10 components into operation and observing them for 100 hr. Eight of the components failed during that
Packages of food whose average weight is 16 ounces with a standard deviation of .6 ounces are shipped in boxes of 24 packages. If the package weights are approximately normally distributed, what is