Consider a population of 3000 people, 1400 of whom are men. Assume that 700 of the women in this population earn at least $60,000 per year, and 500 of the men earn less than $60,000 per year. a. What is the probability that a randomly selected person from this population earns less than $60,000 per year? b. If a randomly selected person is observed to earn less than $60,000 per year, what is the probability that this person is a man? c. If a randomly selected person is observed to earn at least $60,000 per year, what is the probability that this person is a woman?

Q: If two variables are highly correlated, does this imply that changes in one cause changes in the…

A: If two variables are highly correlated, it implies that both the variables move in tandem, which…

Q: The annual maintenance costs of a machine that has been in use for 3 years are 300 TL, 350 TL and…

A: Maintenance costs incorporate the costs your plant brings about that are attached to the upkeep and…

Q: A warehouse distributor of carpet keeps 6,000 yards of deluxe shag carpet in stock during a month.…

A: Formula:

Q: A scientist works in a lab with four summer interns and, as it is the end of the summer, he…

A: Strategy refers to the plan drafted by the organization to accomplish the aim under the uncertainty…

Q: The admissions officer at a small college compares the scores on the Scholastic Aptitude Test (SAT)…

A: Given   n1: Sample Size of Sample 1: Number of male applicants in the sample 17 n2: Sample Size…

Q: 5. A sample of job applicants is selected to analyze the number of years of experience the job…

A: "Since you have asked multiple questions we will solve the first question for you. If you want any…

Q: The claim payments on a sample of ten policies are: 2 3 3 5 5* 6 7 7* 9 10* + indicates that the…

A:

Q: Use the below formula to calculate the CLV for the following:   A manager of a cable company wants…

A: Given that -  Margin profit (M) = $150 Annual marketing cost (C) = $30 Retention rate (r) = 65%…

Q: of hybrid cars that have be requested for rental from a car rental office during a 50 day sample…

A: Demand for Cars      Number of Days     Probability                  3                          3…

Q: he probability that a mobile phone is stolen in an electronic shop is 0.0008. If 8500 mobile phones…

A: Quality refers to the degree of excellence of something. Quality has some standard on the basis of…

Q: Your company has signed a contract with a good customer to ship the customer an order no later than…

A: Extra precautions are not taken in this situation. While shipping the products, the situation is not…

Q: A business wants to decide whether to launch a new product. If the product is launched there are two…

A: Decision tree helps in taking the right decision which can reduce costs and increase profits.

Q: Which of the following gambles has the largest objective risk? 20% chance of winning $100 and 80%…

A: 20% chance of winning $100 and 80% chance of losing $100   In this Option, We have an 80 %…

Q: A NY Times best-selling author wants to write a new book as either volume II of her earlier…

A: Note: - As we can answer only up to three subparts we will answer the first three subparts here.…

Q: Consider a M/M/1 system with arrival rate X and service rate 2µ and a M/M/2 system with arrival rate…

A: M/M/1 system refers to the single server, exponential service time and Poisson arrival rate. M/M/2…

Q: The number of earthquakes in a year in Kabul is a continuous random variable. A- true B- false

A: Quality refers to the degree of excellence of something. Quality has some standard on the basis of…

Q: Determine the seven steps to take in order to explore the problem using simulation.

A: Simulation is the paradigm that can be used to mimic the real-world method of operations. For…

Q: A normally distributed population has a mean of 578 and a standard deviation of 7.50. Find the…

A: Given, Sample size n = 100 Mean μ = μx = 578 Standard deviation δ= 7.5 Sample standard deviation δx=…

Q: The JSM company has been approached by an individual who has an idea for a new product. He wants to…

A: Find the decision tree below: Here costs are mentioned with a negative sign. The optimal decision…

Q: The decision making is a. The process of rejecting the wrong alternative from multiple possible…

A: Decision-making is an integral part of management. It is one of the main functions of management.…

Q: The Eagles will play the Falcons on Sunday, September 12, 2021. Suppose the Eagles have a 40% chance…

A: Probability is honestly how possible something is to occur. A probability distribution table…

Q: Maximize z=4x+5y Subject to: x+yor=-2 xor=0, y>or=0

A: Given LP- Maximize z=4x+5ySubject to-x+y≤4x-y≥-2x≤3x≥0, y≥0

Q: .A 45 kW rated solar power system has its power output and the Solar irradiance on the PV system…

A: Find the Given details below: Given details: Solar Irradiance on the PV system (KW/m2) Power…

Q: Which of the three variables in Little’s law do you think is generally the most difficult to…

A: Little's law is described as the theorem through which the average number of items that are present…

Q: The central limit theorem implies which of the following:   a. The averages of many random…

A: The central limit theorem implies that the distribution of sample averages follows a normal…

Q: Answer all questions

A:

Q: ACME, Inc. firm was trying to decide which of the four projects it should submit a bid for,  There…

A: The decision tree is shown below.

Q: A farmer is considering planting live possible crop mixes. The outcomes depend on the weather (dry,…

A: Given-   Dry Average Rainy Mix A -1 1 9 Mix B 1 -1 5 Mix C -1 5 4 Mix D 2 2 3 Mix E 5 3…

Q: A national survey indicated that 30% of adults conduct their banking online. It also found that 40%…

A: Given that - A national survey outcome: Adults conduct their banking online = 30% Under the age of…

Q: Suppose you want to mine for gold. Your decisions are to build a mine or not, and to hire a…

A: THE ANSWER IS AS BELOW:

Q: If you are an optimist in decision making, the MAXIMIN decision criterion would be more appropriate…

A: Yes it True!   The Maximin criterion is a pessimistic approach. It suggests that the decision maker…

Q: please answer this question in 30 minutes. Suppose that you are the manager of JCPenney store. Your…

A: The formula for calculating the z-score for a proportion must be used in order to determine the…

Q: Employees in the textile industry can be segmented as follows:Employees NumberFemale and union…

A: Hence, the probability that an employee is male is 0.63 or 63%.

Q: Suppose the owner of a paint factory is caught dumping toxic waste in a public landfill and is sued…

A: THE ANSWER IS AS BELOW:

Q: Consider a piston-cylinder assembly that operates in isobaric process. Steam undergoes the process…

A: Step 1:Step 2:Step 3: Step 4:

Decision Theory in Operations Management

Decision theory, also known as the theory of choice, is a branch of statistics that deals with making decisions based on the probability of the occurrence of an event. The chief purpose of decision theory is to identify the best course of action for the company with maximum payoffs.