Analyze the scenario and complete the following:i. Complete the discrete probability distribution for the given variable.ii. Calculate the expected value and variance of the discrete probability distribution.The value of a ticket in a lottery, in which 2,000 tickets are sold, with 1 grand prize of$4,000, 5 first prizes of $450, 20 second prizes of $125, and 65 third prizes of $30.FP(x)00.0000300.00001250.00004500.00004,0000.0000

Given that the value of a ticket in a lottery, in which 2,000 tickets are sold, with 1 grand prize…

Answered: Analyze the scenario and complete the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: Procurement Cost ($) Probability Labor Cost ($) Probability Transportation Cost ($) Probability 10 0.25 20 0.10 3 0.75 11 0.45 22 0.25 5 0.25 12 0.30 24 0.35 25 0.30 Compute profit per unit for the base-case, worst-case, and best-case scenarios. Construct a simulation model to estimate the mean profit per unit. Why is the simulation approach to risk analysis preferable to generating a variety of what-if scenarios? Management believes the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability the profit per unit will be less than $5.
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Analyze the scenario and complete the following: i. Complete the discrete probability distribution for the given variable. ii. Calculate the expected value and variance of the discrete probability distribution.