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MAT540 QUIZ 2

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Question;? 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?

 

Paper#60738 | Written in 18-Jul-2015

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