Problem 5An engineering project management firm divides projects into three risk categories: 70% ofprojects are low risk, 20% are medium risk, and 10% are high risk. Based on historical data, alow risk has a 0.03 probability of not being completed on time, a medium risk project has a 0.11probability of not being completed on time, and a high risk project has a 0.23 probability of notbeing completed on time.a. What is the probability that the project is low risk and is completed on time?b. What is the probability that a project is not completed on time?c. Given that the project was not completed on time, what is the probability that it wasconsidered to be low risk?

P(low risk) = 70% = 0.70 P(medium risk) = 20% = 0.20 P(high risk) = 10% = 0.10 P(low risk / not…

Answered: Problem 5 An engineering project…

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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Question 3. Suppose there is a 24.50% chance each child will get influenza, whereas in 13.50% of two-child families both children get the disease. What is the probability that at least one child will get influenza? O a. 0.3550 O b.0.06 O c. 0.49 O d. 0.11
The Business School at State University currently has three parking lots, each containing 155 spaces. Two hundred faculty members have been assigned to each lot. On a peak day, an average of 70% of all lot 1 parking sticker holders show up, an average of 72% of all lot 2 parking sticker holders show up, and an average of 74% of all lot 3 parking sticker holders show up. a. Given the current situation, estimate the probability that on a peak day, at least one faculty member with a sticker will be unable to find a spot. Assume that the number who show up at each lot is independent of the number who show up at the other two lots. Compare two situations: (1) each person can park only in the lot assigned to him or her, and (2) each person can park in any of the lots (pooling). (Hint: Use the RISKBINOMIAL function.) If needed, round your answer to a whole percentage and if your answer is zero, enter "0". No pooling: Pooling: 51.4 % 83.8 % b. Now suppose the numbers of people who show up at…
A U.S. firm holds an asset in Great Britain and faces the following scenario: Probability Spot rate P P State 1 25% $ 2.20/£ £3,000 $6,600 State 2 50% $2.00/£ £2,500 $5,000 where, P = Pound sterling price of the asset held by the U.S. firm P = Dollar price of the same asset Which of the following conclusions are correct? State 3 25% $ 1.80/£ £2,000 $3,600 Most of the volatility of the dollar value of the British asset can be removed by hedging exchange risk because b²[Var(S)] and VAR(e) are 125,000 ($)2 and -127,500 ($)2 respectively. Most of the volatility of the dollar value of the British asset can be removed by hedging exchange risk because b²[Var(S)] and VAR(e) are 1,125,000 ($)² and 2,500 ($)2 respectively. O Most of the volatility of the dollar value of the British asset cannot be removed by hedging exchange risk because b² [Var(S)] and VAR(e) are 125,000 ($)2 and -127,500 ($)2 respectively. O Most of the volatility of the dollar value of the British asset cannot be removed by…
Problem (2): TV or a DVR? A consumer electronics company has observed that 36% of their customers purchased an LED screen television, 26% of their customers purchases a DVR, and 12 percent of their customers purchased both an LED screen TV and a DVR. Find the probability that a randomly chosen customer either purchases a plasma screen TV or a DVR.
Problem 1 The University of Oklahoma has a renowned radar research program within the School of Electrical and Computer Engineering. Say that there are two radar prototypes under development, A1 and A2, and the effectiveness of each is determined by their ability to spatially detect a particular object. A1 has a probability of 0.5 of detecting the object, and A2 has probability 0.3 of detecting the object. a. Find the probability that the object is detected. b. Find the probability that the object is detected by exactly one of the radar prototypes. c. Given that the object was detected by exactly one of the prototypes, find the probability that it was A1 that detected it.

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