Which of the following methods can be used for decision making under uncertainty but without probability? A. Maximin criterion. B. Equally likely criterion. C. Savage criterion. D. Decision trees.
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5. Which of the following methods can be used for decision making under uncertainty but without
A. Maximin criterion.
B. Equally likely criterion.
C. Savage criterion.
D. Decision trees.
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- Two construction contracts are to be randomly assigned to one or more of three firms: I, II, and III. Any firm may receive both contracts. If each contract will yield a profit of $102,000 for the firm, find the expected profit for firm I. If firms I and II are actually owned by the same individual, what is the owner's expected total profit?A charity is trying to raise money by hosting a comedy club with a famous comedian. In order to maximize donations they want to bring in the best comedian, if there is one. By surveying 100 of their target donors, they find the following preferences: Comedian Zach Galifianakis Maria Bamford Patton Oswalt Brian Posehn Number of Preferences 11 44 23 22 They are trying to determine who (if anyone) should be invited. Which statistical test(s) are appropriate for this problem? (Select all that apply) Single-mean Z-test Single-mean t-test Single-proportion Z-test Chi-square test for goodness of fit Two-mean Z-test Two-mean t-test None of the aboveA selective college would like to have an entering class of 950 students. Because not all students who are offered admission accept, the college admits more than 950 students. Past experience shows that about 75% of the students admitted will accept. The college decides to admit 1200 students. Assuming that students make their decisions independently, the number who accept has the B(1200, 0.75) distribution. If this number is less than 950, the college will admit students from its waiting list. If the college decides to increase the number of admission offers to 1,330, what is the probability that more than 950 will accept? (Round your answer to four decimal places.)
- i myopenmath.com/assess2/?cid%=97456&aid= 79696#/SKIp/14 You are conducting a study to see if the proportion of voters who prefer the Democratic candidate is significantly larger than 73% at a level of significance of œ = 0.01. According to your sample, 71 out of 94 potential voters prefer the Democratic candidate. a. For this study, we should use Select an answer b. The null and alternative hypotheses would be: Ho: ?v Select an answer v (please enter a decimal) Ha: ? vSelect an answer v (Please enter a decimal) c. The p-value = (Please show your answer to 4 decimal places.) d. The p-value is ? va e. Based on this, we should Select an answer v the null hypothesis. f. Thus, the final conclusion is that ... O The data suggest the population proportion is not significantly larger than 73% at a = 0.01, so there is not sufficient evidence to conclude that the proportion of voters who prefer the Democratic candidate is larger than 73%. O The data suggest the populaton proportion is…Each of two parents has the genotype green divided by bluegreen/blue, which consists of the pair of alleles that determine eye coloreye color, and each parent contributes one of those alleles to a child. Assume that if the child has at least one greengreen allele, that color will dominate and the child's eye coloreye color will be greengreen. a. List the different possible outcomes. Assume that these outcomes are equally likely. b. What is the probability that a child of these parents will have the blue divided by blueblue/blue genotype? c. What is the probability that the child will have greengreen eye coloreye color? a. List the possible outcomes. A. green divided by green comma green divided by blue comma and blue divided by bluegreen/green, green/blue, and blue/blue B. green divided by blue and blue divided by greengreen/blue and blue/green C. green divided by green and blue divided by bluegreen/green and blue/blue D. green divided by green…Questions 1, 2 and 3 are based on the following table. In the following table of costs, n1 and n2 are the states of nature, and a1, a2 and a3 are your decision alternatives: n1 n2a1 5 3a2 1 4a3 2 k Q.1. Suppose k = 6. If n1 occurs with probability p, If n1 occurs with probability p, for what values of p will a3 be the best decision alternative based on expected values, for what values of p will a1 be the best and for what values of p will a2 be the best? Q.2. Suppose n1 occurs with probability p. For what all values of k is a3 always better than a1 (based on expected values)? Q.3. What is the EVPI?
- In a manufacturing process, lots having 10%, 12%, 14% or 16 defectives are produced according to the respective probabilities 0.2, 0.35, 0.15 and 0.3. Three customers have contracts to receive lots from the manufacturer. The contracts specify that the percentages of defectives in lots shipped to customers A, B and C should not exceed 10, 12 and 14, respectively. If a lot has a higher percentage of defectives that stipulated, a penalty of $ 200 per percentage point is incurred. On the other hand, supplying better quality than required costs the manufacturer $150 per percentage point. If the lots are not inspected prior to shipment, which customer should have the highest priority for receiving the order?STATISTICS AND PROBABILITY Multiple Choice! No long explaantion needed. THUMBS-UP will be given! Choices in the following question: A. 14.7 17.7 15.7 13.7 B. 4.8 6.8 5.8 7.8 C. 1.833 2.896 2.262 2.228 D. (10.2, 17.1) (12.3, 19.1) (13.2, 20,1) (11.2, 18.1) E. 95% of all length of horn sampled have length 25 inches There is a 95% probability that the true horn length is between 9 and 24 inches. If we take many additional random samples of the same size and from each computed a 95% confidence interval, There is a 95% probability that the true mean length of horn is less than 24 inches.A small-business Web site contains 100 pages and 60%, 30%, and 10% of the pages contain low, moderate, and high graphic content, respectively. A sample of four pages is selected without replacement, and X and Y denote the number of pages with moderate and high graphics output in the sample, respectively. Determine the expected number of pages among the four chosen that have moderate graphics.
- Refer to the contingency table shown below. Smoking by Race for Males Aged 18 to 24 Smoker(S) Nonsmoker(N) Row Total White(W) 290 560 850 Black(B) 30 120 150 Column Total 320 680 1,000 Click here for the Excel Data File (a) Calculate the probabilities given below (Round your answers to 4 decimal places.): Smoking by Race for Males Age 18-24 Smoker Nonsmoker Row Total (S) (N) White (W) 290 560 850 Black (B) 30 120 150 Column Total 320 680 1000 Smoking by Race for Males Age 18-24 Smoker Nonsmoker Row Total (S) (N) White (W) 290 560 850 Black (B) 30 120 150 Column Total 320 680 1000A decision maker faced with four decision altematives and four states of nature develops the following profit payoff table. States of Nature Decision Alternative s. 52 5 5. d. 12 7 3 5 d, 7 d. 6 8 9 11 The decision maker obtains information that enables the following probabilities assessments: P(s,) = 0.5, P(s,) = 0.2, P(s,) = 0.2, and P(s,) = 0.1. (a) Use the expected value approach to determine the optimal decision. EV(d,) EV(d,) EV(d,) EV(d.) The optimal decision is (b) Now assume that the entries in the payoff table are costs. Use the expected value approach to determine the optimal decision. The optimal decision is ? v inA. 8.51%B. 55%C. 84.08%D. 91.59%