Cashback Offer from 12th to 18th November 2021. Get Flat 10% Cashback credited to your account for a minimum transaction of $80. Post Your Question Today!

Question DetailsNormal
$ 12.00

Week Two Homework Assignment complete solutions correct answers key

Question posted by
Online Tutor Profile
request

Week Two Homework Assignment complete solutions correct answers key

 

1.      A student has an important exam coming up and is contemplating not studying for the exam in order to attend a party with his friends.  The student must earn a minimum score of 70% on the exam in order to successfully maintain his desired GPA.  The exam will consist of twenty multiple choice questions with four possible answers for each question.  Assuming correctly guessing the answer to a given question follows a binomial distribution, what is the probability that the student would earn less than the required minimum score of 70% on the exam based solely upon randomly guessing the correct answer for each question?

 

2.      The mean time to complete a construction project is 52 weeks with a standard deviation of 3 weeks.  Assuming the probability of completing the project follows a normal distribution, what is the probability of completing the project between 56 weeks and 64 weeks? 

 

3.      Based upon the following data, what is the expected value of perfect information, assuming the probability of the state of nature that favors location A occurring is 0.50, the probability of the state of nature that favors location B occurring is 0.30, and the probability of the state of nature that favors neither location A nor location B occurring is 0.20. 

 

Payoff Matrix

 

State of Nature Favors Alternative A

State of Nature Favors Alternative B

State of Nature Favors Neither Alternative A nor Alternative B

Alternative A

$88

($5)

($5)

Alternative B

($8)

$156

($8)

Alternatives A and B

$80

$151

($13)

Neither Alternative A

nor Alternative B

$0

$0

$0

 

Note: The values in the preceding table are shown in millions of dollars.

 

 

 

4.      Based upon the following data,, what is the optimal decision using the expected opportunity loss decision rule, assuming the probability of the state of nature that favors alternative A occurring is 0.50, the probability of the state of nature that favors alternative B occurring is 0.30, and the probability of the state of nature that favors neither location A nor location B occurring is 0.20?

 

Payoff Matrix

 

State of Nature Favors Alternative A

State of Nature Favors Alternative B

State of Nature Favors Neither Alternative A nor Alternative B

Alternative A

$88

($5)

($5)

Alternative B

($8)

$156

($8)

Alternatives A and B

$80

$151

($13)

Neither Alternative A

nor Alternative B

$0

$0

$0

 

Note: The values in the preceding table are shown in millions of dollars.

 

5.      Based upon using the expected monetary value decision rule and the following data, for what range of probability of the state of nature that favors alternative A occurring is selecting alternative A the optimal decision?  (Hint: Vary the probability of the state of nature that favors Alternative A occurring from 0.0 to 1.0 in increments of 0.01.)

 

Payoff Matrix

 

State of Nature Favors Alternative A

State of Nature Favors Alternative B

Alternative A

$105.0

($5.0)

Alternative B

($25.0)

$55.0

Alternatives A and B

$80.0

$50.0

Neither Alternative A

nor Alternative B

$0.0

$0.0

 

Note: The values in the preceding table are shown in millions of dollars.

 

Available Answer
$ 12.00

[Solved] Week Two Homework Assignment complete solutions correct answers key

  • This solution is not purchased yet.
  • Submitted On 29 Nov, 2015 04:36:38
Answer posted by
Online Tutor Profile
solution
Week Two Homework Assignment complete solutions correct answers key 1.      A student has an important exam coming up and is contemplating not studying for the exam in order to attend a party with his friends.  The student must earn a minimum score of 70% on the exam in order to successfully maintain his desired GPA.  The exam will consist of twenty multiple choice questions with four possible answers for each question.  Assuming correctly guessing the answer to a given question follows a binomial distribution, what is the probability that the student would earn less than the required minimum score of 70% on the exam based solely upon randomly guessing the correct answer for each question? 2.      The mean time to complete a construction project is 52 weeks with a standard deviation of 3 weeks.  Ass...
Buy now to view the complete solution
Other Similar Questions
User Profile
NUMBE...

Week Two Homework Assignment 100% Satisfaction Guaranteed!

The probability that the student would earn less than the required minimum score of 70% on the exam based solely upon randomly guessing the correct answer for each question 0.999998 ...
User Profile
A-Pro...

COM/ 339 Week Two Team Assignment

Power point slide, quality and original. Purchase it

...
User Profile
termp...

Correct Answers for ACC 610 Week Two Assignment.pdf ACC 610 Week Two Exercises A

Correct Answers for ACC 610 Week Two Assignment.pdf ACC 610 Week Two Exercises Ashford University ACC 610 Advanced Federal Taxation Week Two Exercises Chapter 5 “ Problem 24 At the start of the current year, B...
User Profile
termp...

MKTG400 Week 2 Assignment.docx MKTG400 Week Two Homework Assignment American Public Un

MKTG400 Week 2 Assignment.docx MKTG400 Week Two Homework Assignment American Public University MKTG400: Marketing Research Week Two Homework Assignment My paper will discuss the differences between primary and secondar...
User Profile
termp...

Week two assignment 2.docx Week 2 Week two assignment 2 Interviewing and Performance ap

Week two assignment 2.docx Week 2 Week two assignment 2 Interviewing and Performance appraisal Human Capital Management Using Applied Psychology Interviewing and Performance appraisal #1 What do you feel is the most imp...

The benefits of buying study notes from CourseMerit

homeworkhelptime
Assurance Of Timely Delivery
We value your patience, and to ensure you always receive your homework help within the promised time, our dedicated team of tutors begins their work as soon as the request arrives.
tutoring
Best Price In The Market
All the services that are available on our page cost only a nominal amount of money. In fact, the prices are lower than the industry standards. You can always expect value for money from us.
tutorsupport
Uninterrupted 24/7 Support
Our customer support wing remains online 24x7 to provide you seamless assistance. Also, when you post a query or a request here, you can expect an immediate response from our side.
closebutton

$ 629.35