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Strayer Mt540 week 3 quiz

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Question;Question 1Probability trees are used only to compute conditional probabilities.AnswerTrueFalse2 points Question 2Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed.AnswerTrueFalse2 points Question 3If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)AnswerTrueFalse2 points Question 4Using the minimax regret criterion, we first construct a table of regrets.Subsequently, for each possible decision, we look across the states of nature and make a note of the maximum regret possible for that decision.We then pick the decision with the largest maximum regret.AnswerTrueFalse2 points Question 5Both maximin and minimin criteria are optimistic.AnswerTrueFalse2 points Question 6The Hurwicz criterion is a compromise between the maximax and maximin criteria.AnswerTrueFalse2 points Question 7The minimin criterion is optimistic.AnswerTrueFalse2 points Question 8The 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?Answer0.02280.04750.04850.05002 points Question 9A 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 cutoff for an A? (Round your answer.)Answer808390932 points Question 10The chi-square test is a statistical test to see if an observed data fit a _________.AnswerNormal probability distributioncontinuous probability distributionparticular probability distributionAll of the above2 points Question 11A 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.The maximax strategy is:AnswerRentBuyBriskSlow2 points Question 12A 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 RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9What is the conservative decision for this situation?AnswerA1A2A3Any of the above2 points Question 13Determining the worst payoff for each alternative and choosing the alternative with the best worst is calledAnswermaximaxminiminmaximinminimax2 points Question 14A 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.The maximin strategy is:AnswerBuyRentLeaseAll three tie.2 points Question 15A life insurance company wants to update its actuarial tables. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 71 years and a standard deviation of 3.5 years. What proportion of the plan participants are expected to see their 75th birthday?Note: Write your answers with two places after the decimal, rounding off as appropriate. Answer2 points Question 16A 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?Note: Write your answers with two places after the decimal, rounding off as appropriate.Answer2 points Question 17The 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?Answer2 points Question 18A 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 RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9If 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?Answer2 points Question 19A 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, what is the numerical maximum expected value?Answer2 points Question 20Consider the following decision tree.What is the expected value for the best decision? Round your answer to the nearest whole number.Answer

 

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