A new brand of pizza is going to be sold in Park & Shop, and a market-research company in Admiralty (Hong Kong) has forecast that successful new brands normally obtain a 10% market share for the product in the first year. However, top management wants to achieve 12%. You may assume a normal distribution with a standard deviation of 3% (risk on the estimates). Determine each of the following.a. The probability that the new pizza will actually achieve the target.b. The probability of failure.c. The probability of being even more successful, with 18% of market share in the first year.

A new brand of pizza is going to be sold in Park & Shop, and a market-research company in Admiralty (Hong Kong) has forecast that successful new brands normally obtain a 10% market share for the product in the first year. However, top management wants to achieve 12%. You may assume a normal distribution with a standard deviation of 3% (risk on the estimates). Determine each of the following.a. The probability that the new pizza will actually achieve the target.b. The probability of failure.c. The probability of being even more successful, with 18% of market share in the first year.

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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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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A new brand of pizza is going to be sold in Park & Shop, and a market-research company in Admiralty (Hong Kong) has forecast that successful new brands normally obtain a 10% market share for the product in the first year. However, top management wants to achieve 12%. You may assume a normal distribution with a standard deviation of 3% (risk on the estimates). Determine each of the following.
a. The probability that the new pizza will actually achieve the target.
b. The probability of failure.
c. The probability of being even more successful, with 18% of market share in the first year.

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