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##### 1.A demonstration to verify that an item meets its...

**Description**

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**Question**

1.A demonstration to verify that an item meets its reliability requirement is based on obtaining 5 successful tests. If the probability of a successful test is 0.9, find the probability that 10 tests will be required to pass the demonstration. 2.A company is bidding on three contracts with values of $20 million, $80 million and $50 million with corresponding win probabilities of ? ? and ?. - Determine and plot the probability mass function and probability distribution function of the contract award amount (in millions of dollars). - What is the probability of being awarded at least $100 million? - What is the mean, variance & standard deviation of contract award amount (in millions of dollars)? 3.The J.C. Nickel department store is considering adopting a new credit management policy in an attempt to reduce the number of credit customers defaulting on their payments. The credit manager has suggested that, in the future, credit should be discontinued to any customer who has twice been a week or more late with his monthly installment payment. He supports his claim by noting that past credit records show that 90% of all those defaulting on their payments were late with at least 2 monthly payments. Suppose from our own investigation we have found that 2% of all credit customers actually default on their payments, and that 45% of those who have not defaulted have had at least 2 late monthly payments. Find the probability that a customer with 2 or more late payments will actually default on his payments and, in light of this probability, criticize the manager?s credit plan. Show details of your approach and solution. 4.The length of time for one individual to be served at a cafeteria is a random variable having a lognormal distribution with a mean of 10 minutes and standard deviation of 2 minutes. What is the probability that a person will be served in less than 9 minutes on at least 3 of the next 7 days?,hello, you didn't solve the 2nd question: company is bidding on three contracts with values of $20 million, $80 million and $50 million with corresponding win probabilities of ? ? and ?. - Determine and plot the probability mass function and probability distribution function of the contract award amount (in millions of dollars). - What is the probability of being awarded at least $100 million? - What is the mean, variance & standard deviation of contract award amount (in millions of dollars)?

Paper#13206 | Written in 18-Jul-2015

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