Cashback Offer (1st - 15th August, 2020). Get Flat 10% Cashback credited in your account on minimum transaction of \$50. Post Your Question

Question DetailsNormal
\$ 15.00

# Week Two Homework Assignment 100% Satisfaction Guaranteed!

Question posted by

Week Two Homework Assignment

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.

\$ 15.00

## [Solved] Week Two Homework Assignment 100% Satisfaction Guaranteed!

• This Solution has been Purchased 1 time
• Average Rating for this solution is A+
• Submitted On 13 Sep, 2015 03:38:15
The probability that the student would earn less than the req...
Buy now to view full solution.
Other Similar Questions
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 ...
A-Pro...

Hardi...

### Ch. 3 & 4 of Working in Groups and the Week Two videos "Building A Team Of Talent"

SOC110Â Week 2 Team Assignment: Effective Teamwork .... ...
Brain...

### Week two business environment analysis part one project 1000 words

Apple, Inc. engages in the design, manufacture, and marketing of mobile communication, media devices, personal computers, and portable digital music players (Network, 2016, para. 1). The company has a wide variety of service...
maste...

### UOP PSY 480 Week Two Quiz Version 3 (All Correct)

1. A crisis interview would be appropriate to a. assess how family of origin influences a personâ€™s ability to handle a crisis b. obtain a clearer understanding of a patientâ€™s diagnosis c. assess whether a depressed client...

#### The benefits of buying study notes from CourseMerit

##### 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.
##### 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.