61. The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2. Show the probability distribution for the expense forecast, gld What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at $12 million, comment on the financial position of the college. a. b. с.

61. The budgeting process for a midwestern college resulted in expense forecasts for the com- ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2. Show the probability distribution for the expense forecast, gld What is the expected value of the expense forecast for the coming year? What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at $12 million, comment on the financial position of the college. a. b. с.

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Description: as compared to other lyp61. The budgeting process for a midwestern college resulted in expense forecasts for the com-ing year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses areunknown, the following respective probabiliti

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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