Which of the following are reasons why a process would be considered stochastic? 1. we lack of data on the variable of interest/generating process 2. we lack quantitative understanding of the generating process 3. the generating process itself is random 4. the process can be modelled with certainty 5. the generating process changes over time

Which of the following are reasons why a process would be considered stochastic? 1. we lack of data on the variable of interest/generating process 2. we lack quantitative understanding of the generating process 3. the generating process itself is random 4. the process can be modelled with certainty 5. the generating process changes over time

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...

See similar textbooks

Similar questions

Question 4A petrol station in the capital Kingstown has a single pump manned by one attendant. Vehicles arrive at the rate of 20 customers per hour and petrol filling takes 2 minutes on an average. Assume the arrival rate is Poisson probability distribution and service rate is exponentially distributed. Arrivals tend to follow a Poisson distribution, and service times tend to be exponential. The attendant is paid $10 per hour, but because of lost goodwill and sales, station loses about $15 per hour of customer time spent waiting for the attendant to service and order. Part AAnswer the following questions:a. What is the probability that no customers are in the system (Po)?b. What is the average number of customers waiting for service ( Lq)?c. What is the average number of customers in the system (L)?d. What is the average time a customer waits for service(Wq)?e. What is the average time in the system (W)?f. What is the probability that a customer will have to wait for service (Pw)?g…
1. A beverage manufacturing company uses a pair of redundant pumps to transfer flavored syrups to the bottling line. Each pump has a À of 0.055 failures per year and ß of 0.05. What is the probability that both pumps will fail during a 45 day production run? a. 0.00004 b. 0.00034 c. 0.00038 d. 0.12
Question 4b (a-c)A petrol station in the capital Kingstown has a single pump manned by one attendant. Vehicles arrive at the rate of 20 customers per hour and petrol filling takes 2 minutes on an average. Assume the arrival rate is Poisson probability distribution and service rate is exponentially distributed. Arrivals tend to follow a Poisson distribution, and service times tend to be exponential. The attendant is paid $10 per hour, but because of lost goodwill and sales, station loses about $15 per hour of customer time spent waiting for the attendant to service and order. If the Petrol station adds a second pump with an attendant to service customers and the station pays that person the same $10 per hour: Using appropriate formula for the multiple channel model, answer the following questions: a. What is the probability that no customers are in the system (Po)?b. What is the average number of customers waiting for service (Lq)?c. What is the average number of customers in the…
Please answer only correct. ASAP
6
*Question Six* The management of a supermarket wants to adopt a new promotional policy of giving free gift to every customer who spends more than a certain amount per visit at this supermarket. The expectation of the management is that after this promotional policy is advertised, the expenditure for all customers at this supermarket will be normally distributed with mean 400 £ and a variance of 900 £2. What is the probability that the expenditure of the first customer exceeds the expenditure of the second customer by at least 20 £?
i need part a and b solution
Example 4.2:- As shown in the table below that gives the age distribution of companies. Find the following probabilities: 1-Ages (30-39). 2-Age=45. 3-Age>50. 4-Age<40. individuals starting new 30 - 39 40- 49 50-59 60 - 69 Age Frequency 20 - 29 11 25 14 3
QUESTION II [5]An insurance company found that 25% of all insurance policies are terminated before their maturitydate. Assume that 10 polices are randomly selected from the company’s policy database. Assume aBinomial experiment.Required:What is the probability that at most eight policies are not terminated before maturity?
QUESTION I [5]Research has shown that 55% of new Small Medium Enterprises (SMEs) are started by graduateswhile 45% are started by non-graduates. It is also known that 70% of SMEs started by graduates aresuccessful i.e. they survive beyond 3 years, while only 10% of those started by non-graduates aresuccessful.Required:If it is known that a new SME is not successful, what is the probability that it was not started by agraduate?
Question C
An estimator is "______" if its expected value equals the population parameter of interest.