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\nVisit Below Link, To Download This Course:\n\nhttps://www.tutorialsservice.net/product/mat-540-week-3-quiz-2-latest/\n\nOr \nEmail us on\nSUPPORT@TUTORIALSSERVICE.NET\n\nMAT 540 Week 3 Quiz 2 Latest\nMAT540\nMAT 540 Week 3 Quiz 2 Latest\nQuestion 1\nProbability trees are used only to compute conditional probabilities.\n

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mat 540 week 3 quiz 2 latest

MAT 540 WEEK 3 QUIZ 2 LATEST

Visit Below Link, To Download This Course:

https://www.tutorialsservice.net/product/mat-540-week-3-quiz-2-latest/

Or

Email us on

SUPPORT@TUTORIALSSERVICE.NET

MAT 540 Week 3 Quiz 2 Latest

MAT540

MAT 540 Week 3 Quiz 2 Latest

Question 1

Probability trees are used only to compute conditional probabilities.

Question 2

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

Question 3

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

distributed.

Question 4

The equal likelihood criterion assigns a probability of 0.5 to each state of nature, regardless of how many

states of nature there are.

Question 5

Both maximum and minimum criteria are optimistic.

Question 6

the maximin approach involves choosing

The maximin approach involves choosing the alternative with the highest or lowest payoff.

Question 7

Using 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.

Question 8

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 9

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.)

Question 10

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

Question 11

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

Question 12

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

Fish: A3 7 8 9

If the group chooses to minimize their maximum regret, what activity will they choose?

Question 13

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.

Question 14

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

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.

Question 16

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.

Question 17

a business owner is trying to decide whether

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?

Question 18

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 maximin?

Question 19

Consider the following decision tree.

What is the expected value for the best decision? Round your answer to the nearest whole number.

Question 20

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.

If 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?

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