NW 3.88 ERRORS IN ESTIMATING JOB COSTS. Aconstruction company employs three sales engineers. Engineers1, 2, and 3 estimate the costs of 30%, 20%, and 50%,respectively, of all jobs bid by the company. For i = 1, 2, 3,define E, to be the event that a job is estimated by engineer i.The following probabilities describe the rates at which theengineers make serious errors in estimating costs:P(error E₁) = .01, P(error|E₂) = .03, andP(error|E₂) = .02a. If a particular bid results in a serious error in estimatingjob cost, what is the probability that the error was madeby engineer 17b. If a particular bid results in a serious error in estimatingjob cost, what is the probability that the error was madeby engineer 27c. If a particular bid results in a serious error in estimatingjob cost, what is the probability that the error was madeby engineer 3?d. Based on the probabilities, parts a-c, which engineer ismost likely responsible for making the serious error?

It is given that P( E1 ) = 30% = 0.30, P( error/E1 ) = 0.01 P( E2 ) = 20% = 0.20, P( error/E2 )…

Answered: a. If a particular bid results in a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

2. Suppose that the population parameters for men are m = 85, and for women are m = with b = 9.5 in all cases. 90, a. What is the probability that a 50-year-old man will survive to age 100? b. What is the probability that a 50-year-old woman will survive to age 100? c. Explain in your own words the difference between the survival probabilities for 50-year old men and women.
The recent pandemic has dramatically changed many of our lives in so many ways. From a public health perspective, there has been great interest in understanding the factors that might contribute to or directly impact the severity of CoVID-19. A researcher wishes to evaluate the severity of COVID-19 ("low" i.e., asymptomatic/mild or "high" i.e., severe/critical) for patients with different self-described smoking histories (current, former, or never smoker). In order to assess the possible relationship between CoVID-19 severity and patient smoking history, data for 354 COVID-19 patients from a local hospital were collected and are provided below. COVID-19 Severity Smoking History Low High Current 87 15 Former 43 9. Never 136 64 1 | Page S. Robinson
2)
1. ABC inc. stock is currently selling for $30, one year from today the stock price can either increase by 20% or decrease by 15%. The probability of an increase in the stock price is equal to 0.3. The one-year risk-free rate is 5% What is the value of a European put that expires in one year with an exercise price of $24. 2. Graphically, show the value and the profit and loss of the following butterfly position: Long in a call with an exercise price of $30, short in 2 calls with an exercise price of $45, and long in a call with an exercise price of 60. All calls are written on the same stock and have the same maturity. 3. "Early exercise of an American option on a stock that does not pay any dividend is not optimal regardless of whether the option is a Call or a Put". True, False, or Uncertain. Explain.
4. If a randomly chosen athlete tests negative, what’s the probability that the student took a banned substance? Explain why it makes sense for the drug-testing process to be designed so that this probability is less than the one you found in Question 3.5. The district decides to immediately retest any athlete who tests positive. Assume that the results of an athlete’s two tests are independent. Find the probability that a student who gets a positive result on both tests actually took a banned substance. Based on your answer, do you think that an athlete who tests positive twice should be suspended from athletic competition for a year? Why or why not?
Suppose a math class contains 37 students. There are 19 females (six of whom speak Spanish) and 18 males (five of whom speak Spanish). Give all answers as decimals to at least two decimal places.1. What is the probability that a randomly selected student speaks Spanish, given that the student is female? 2. What is the probability that a randomly selected student does not speak Spanish, given that the student is male? 3. What percent of Spanish speaking students are male? 4. If someone does not speak Spanish what is the probability they are female?
9.The NAR estimates that 23% of all homes purchased in 2004 were considered investment properties. If a sample of 800 homes sold in 2004 is obtained find the probability that at most 175 homes are going to be used as investments.
Suppose that 30 percent of an adult population have an infectious disease and 40 percent have achronic disease. Assume that having an infectious disease is independent from having a chronicdisease. For each of the questions below perform the calculation using appropriate statisticalnotation.a. What is the probability that a person selected at random will have both diseases?b. What is the probability of having the infectious disease for people with the chronic disease?c. What is the probability of having the infectious disease for people without the chronic disease?d. What is the probability of not having the infectious disease for people with the chronicdisease?
Suppose a company charges an annual premium of $475 for a fire insurance policy. in case of a fire claim, the company will pay out an average of $100,000. Based on acturial studies, it determines that the probability of a fire claim in a year is about 0.004. 1) what is the expected annual profit of a fire insurance policy for the company? 2) What annual profit can the company expect if it issues 1000 policies?

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS