A life insurance company has determined that each week an average of 7 claims is filed in its Nashville branch. What is the probability that during the next week no claims will be filed? A 0.0009 B 0.149 C 0.0818 D 0.001 Using Poisson distributionDefine event X, Interveral, Average weekly claim =, f(x) on Excel

A life insurance company has determined that each week an average of 7 claims is filed in its Nashville branch. What is the probability that during the next week no claims will be filed? A 0.0009 B 0.149 C 0.0818 D 0.001 Using Poisson distributionDefine event X, Interveral, Average weekly claim =, f(x) on Excel

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section: Chapter Questions

Problem 41P: At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 =...

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At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.
Suppose that you have two four-sided dice that are each equally weighted (i.e. equal chance of any of the four sides landing face up). One of them has values [12.5968, 2, -2 and -12.5968] , the other [12.5968, 4, -2 and -12.5968] Which of them has a σ of 9 using the probability model approach. a) [12.5968, 2, -2 and -12.5968] B) [12.5968, 4, -2 and -12.5968]
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Deborah Hollwager, a concessionaire for the Amway cener in Orlando has developed a table of conditional values for the various altenatives(stocking decision) and state of nature (size of crowd) Alternatives large average small large inventory $20,000 $10,000 -$2,000 average inventory $12,000 $12,000 $8000 small inventory $10,000 $6,000 $5,000 probabilities associated with the states of nature are 0.35 for a large crowd, 0.50 for an average crowd, and 0.15 for a small crowd. a) The alternative that provides Deborah the greatest expected monetary value (EMv) is the EMV for this decision is $________ b) For Deborah, the expected value of the perfect information (EVPI)=$______
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