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Strayer MAT540 quiz 3 spring 2014

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Question;Question 1;1.;Probability trees are used only to compute conditional probabilities.;Answer;True;False;2;points;Question 2;1.;If two events are not mutually exclusive, then P(A or B) = P(A) + P(B);Answer;True;False;2;points;Question 3;1.;Seventy two percent of all observations fall within 1 standard deviation;of the mean if the data is normally distributed.;Answer;True;False;2;points;Question 4;1.;Both maximin and minimin criteria are optimistic.;Answer;True;False;2;points;Question 5;1.;The minimin criterion is optimistic.;Answer;True;False;2;points;Question 6;1.;The Hurwicz criterion is a compromise between the minimax and minimin;criteria.;Answer;True;False;2;points;Question 7;1.;The Hurwicz criterion is a compromise between the maximax and maximin;criteria.;Answer;True;False;2;points;Question 8;1.;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.;Answer;0.1950;0.4772;0.4332;0.6247;2;points;Question 9;1.;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 cutoff for an A?;(Round your answer.);Answer;80;83;90;93;2;points;Question;10;1.;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?;Answer;0.0228;0.0475;0.0485;0.0500;2;points;Question;11;1.;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;Answer;12;55;57;69;2;points;Question;12;1.;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 RainyS1;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?;Answer;A1;A2;A3;Any of the above;2;points;Question;13;1.;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.;The maximax strategy is;Answer;Rent;Buy;Brisk;Slow;2;points;Question;14;1.;The maximin criterion results in the;Answer;minimum of the maximum payoffs;maximum of the maximum payoffs;maximum of the minimum payoffs;minimum of the minimum payoffs;2;points;Question;15;1.;A 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.;Answer;2;points;Question;16;1.;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?Note;Write your answers with two places after the decimal, rounding off as;appropriate.;Answer;2;points;Question;17;1.;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, what is the numerical maximum;expected value?;Answer;2;points;Question;18;1.;Consider the following decision tree.;What is the expected value for the best decision? Round your answer to the;nearest whole number.;Answer;2;points;Question;19;1.;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.;Answer;2;points;Question;20;1.;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.;Answer

 

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