Using the event tree in Figure Q4, calculate the probability frequency outcome for all events shown
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- Using the
event tree in Figure Q4, calculate the probability frequency outcome for all events shown - The Health & Safety at Work Act 1974 apply the terms As Low As Reasonably Possible and So Far As Is Reasonably Practicable when considering any legal contraventions. Using the outcomes calculated in part a), discuss how organisations can use these probabilities to inform health & safety decisions on a cost benefit basis
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- Suppose you model a game of chance with a discrete probability distribution. Let X be the net amount of money or lost by the player. Let pX be the probability of the corresponding outcome. The three events are as follows: There is a 23% chance the player wins 7 dollars. there is a 38% chance the player loses 4 dollars. there is a 39% chance the player breaks even. COMPLETE THE TABLE BELOW TO MODEL THE SCENARIO X PX)2. Statistical measures of stand-alone risk Remember, the expected value of a probability distribution is a statistical measure of the average (mean) value expected to occur during a possible circumstances. To compute an asset's expected return under a range of possible circumstances (or states of nature), multiply the anticipated return expected to result during each state of nature by its probability of occurrence. Consider the following case: Ethan owns a two-stock portfolio that invests in Happy Dog Soap Company (HDS) and Black Sheep Broadcasting (BSB). Three- quarters of Ethan's portfolio value consists of HDS's shares, and the balance consists of BSB's shares. Each stock's expected return for the next year will depend on forecasted market conditions. The expected returns from the stocks in different market conditions are detailed in the following table: Market Condition Probability of Occurrence Happy Dog Soap Black Sheep Broadcasting Strong 0.50 50% 70% Normal 0.25 30% 40% Weak…A company prices its tornado insurance using the following assumptions:• In any calendar year, there can be at most one tornado.• In any calendar year, the probability of a tornado is 0.05.• The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year.Using the company's assumptions, calculate the probability that there are fewer than 4 tornadoes in a 20-year period.
- 8. The criteria for ideally insurable losses include all of the following EXCEPT: a. Accidental or unintentional Losses. C. A small carefully defined group of exposures. d. A large number of risk exposures. e. low probability of catastrophic loss.A company prices its tornado insurance using the following assumptions:• In any calendar year, there can be at most one tornado.• In any calendar year, the probability of a tornado is 0.08.• The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year.Using the company's assumptions, calculate the probability that there are fewer than 4 tornadoes in a 21-year period.Students taking the Graduate Management Admissions Test (GMAT) were asked about their undergraduate major and intent to pursue their MBA as a full-time or part-time student. A summary of their responses follows. Answer questions 6-9. Undergraduate Major Business Engineering Other Totals Full-Time 352 197 251 800 Intended Enrollment Part- 150 161 194 505 Status Time Totals 502 358 445 1305
- compute the required probabilities. If the required probability cannot be computed due to lack of information or due to contradictory information, explain briefly why.10. A bank classifies borrowers as high risk or low risk. Only 15% of its loans are made to those in the high-risk category. Of all its loans, 5% are in default, and 40% of those in default were made to high-risk borrowers. What is the probability that a high-risk borrower will default?g. Are the events “age of 30s” and “monthly spending of $250.00 or more” independent? Explain using probabilities.
- a. What is the probability of seeing positive change? b. What is the probability of seeing positive change given that the tree is oak? c. Do the data suggest effect and tree type are independent events? yes or noC) Do males or females do a better job of detecting cheating? Justify your answer using conditional probability nation.