You are a project manager in an IT firmmanaging a software project andidentifying a risk linked to the marketclaim. The possibility of risk is 20%, andif it occurs, you will lose $8000. Tocalculate the long-term risk of thisscenario, you need:O Calculate the EMV of the binomialprobability distribution.Calculate the mean of the binomialprobability distribution.Calculate the s.d. for the discreteprobability distribution.Calculate the EMV of the discreteprobability distribution.

Sol:- To calculate the long-term risk of the scenario, we need to calculate the expected monetary…

Answered: You are a project manager in an IT firm…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Let X = {Email, In Person, Instant Message, Text Message}; P(Email) = 0.06 P(In Person) = 0.55 P(Instant Message) = 0.24 P(Text Message) = 0.15 Is this model a probability distribution? A. Yes. B. No. C. Maybe.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $5. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) nd b. Find the expected profit. (Round to the nearest cent) c. Interpret the expected value. Of you play many games you will likely win on average very close to $3.33 per game. O You will win this much if you play a game. O This is the most likely amount of money you will win. or d. Based on the expected value, should you play this game? O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, youvould be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. No, since the expected…
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $10.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.50 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $7.00 which is greater than the $10.00 that you can lose. Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as…
Express the indicated degree of likelihood as a probability value. Your mother could not have died two years before you were born.
An insurance company estimates the probability of an earthquake in the next year to be 0.0013. The average damage done by an earthquake is estimated to be $60,000. If the company offers earthquake insurance for $100, what is their expected value of the policy?
An insurance policy on an electrical device pays a benefit of $2400 if the device fails during the first year. The amount of the benefit decreases by $800 each successive year until it reaches 0 . If the device has not failed by the beginning of any given year, the probability of failure during that year is 0.29.Find the expected benefit under this policy.
The probability that a 80-year-old female in the U.S. will die within one year is about 0.048711. An insurance company is preparing to sell a 80-year-old female a one-year, $20,000 life insurance policy. How much should it charge for its premium in order to have a positive expectation for the policy? (Round your answer to the nearest dollar.)$
Eee303 5c
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $13. If you roll a 2, 3, 4 or 5, you win $1. Otherwise, you pay $7. a. Complete the PDF Table. LIst the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $__________(Round to the nearest cent). c. Interperet the expected value. O You will win this much if you play a game. O If you play many games you wil likely win on average very close to $1.67 per game. O This is the most likely amount of money yuo will win. d. Based on the expected value, should you play this game? O Yes, since the expected value is positive , you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so…
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.50 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble.…

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