Decisions Recognizing Risk.
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- Find the expected value of the probability model.PLEASE SHOW COMPLETE SOLUTIONEvaluation A padjack driver tosses an unbiased coin. He receives 150 pesos if a head appears and he pays 50 pesos if a tail appears. Find the expected value and variance of his gain. Interpret the result. References [1] Jesus Mercado Next Century Mathematics: Statistics and Probability, Phoenix Publishing House,
- Show your work . Justify an answerThe 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 $5.Urgent need help understanding this problem immediately
- How many different selections are possible? What is the probability of winning? If you win, what is your net profit? Find the expected value.Paragraph Styles Editing Identify the proper distribution to use and then use it to find the indicated probability. Could this event be termed "unusual." Identify variable and function When tall and colorful plants are crossed with short and colorless plants, four types of plants will result: tall and colorful, tall and colorless, short and colorful, and short and colorless with corresponding probabilities: 0.37,0.42, 0.11, and 0.10. Ten plants are selected. Find the probability that 5 will be tall and colorful, 2 will be tall and colorless, 2 will be short and colorful, and 1 will be short and colorless. Distribution type: Probability: D.Focus WI 曲consultant has been hired to redesign a company's production facility. The consultant estimates the probabilities of her potential profit as shown in the table below. What is her profit expectation?$ Profit/Loss Probability $40,000 0.05 $30,000 0.30 $20,000 0.38 $10,000 0.20 $5,000 0.07