MAT540 QUIZ 2

Question # 00020408 Posted By: spqr Updated on: 07/21/2014 04:18 AM Due on: 08/21/2014
Subject Mathematics Topic General Mathematics Tutorials:
Question
Dot Image

• Question 1

2 out of 2 points

If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)


• Question 2

2 out of 2 points

Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed.

• Question 3

2 out of 2 points

Probability trees are used only to compute conditional probabilities.

• Question 4

2 out of 2 points

The equal likelihood criterion assigns a probability of 0.5 to each state of nature.

• Question 5

2 out of 2 points

The Hurwicz criterion is a compromise between the maximax and maximin criteria.

• Question 6

2 out of 2 points

Both maximin and minimin criteria are optimistic.

• Question 7

2 out of 2 points

The Hurwicz criterion is a compromise between the minimax and minimin criteria.

• Question 8

2 out of 2 points

The chi-square test is a statistical test to see if an observed data fit a _________.

• Question 9

2 out of 2 points

The metropolitan airport commission is considering the establishment of limitations on noise pollution around a local airport. At the present time, the noise level per jet takeoff in one neighborhood near the airport is approximately normally distributed with a mean of 100 decibels and a standard deviation of 3 decibels. What is the probability that a randomly selected jet will generate a noise level of more than 105 decibels?

• Question 10

2 out of 2 points

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.

• Question 11

2 out of 2 points

The maximin criterion results in the

• Question 12

2 out of 2 points

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:

• Question 13

2 out of 2 points

Determining the worst payoff for each alternative and choosing the alternative with the best worst is called

• Question 14

0 out of 2 points

A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

Weather

Cold Warm Rainy

S1 S2 S3

Bike: A1 10 8 6

Hike: A2 14 15 2

Fish: A3 7 8 9

What is the conservative decision for this situation?

• Question 15

2 out of 2 points

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.

• Question 16

2 out of 2 points

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.

• Question 17

2 out of 2 points

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.

• Question 18

0 out of 2 points

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).

• Question 19

2 out of 2 points

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.

• Question 20

0 out of 2 points

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?

Dot Image
Tutorials for this Question
  1. Tutorial # 00019799 Posted By: spqr Posted on: 07/21/2014 04:19 AM
    Puchased By: 2
    Tutorial Preview
    The solution of MAT540 QUIZ 2...
    Attachments
    MAT540_Quiz_2.docx (41.49 KB)

Great! We have found the solution of this question!

Whatsapp Lisa