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Study Resources (Statistics)

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: An investor puts $15,000 into each of four stocks, labeled A, B, C, and D. The table shown below contains the means and standard deviations of the annual returns of these four stocks.   Stock Mean Annual Return Standard Deviation of Annual Return A 0.15 0.05 B 0.18 0.07 C 0.14 0.03 D 0.17 0.06   253) Assuming that the returns.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: The following table displays the joint probability distribution of two discrete random variables X and Y.       189) Compute the standard deviation for Y. 190) Compute the covariance between X and Y.   191) Compute the correlation between X and Y.   192) Compute the mean for the linear function.
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341) Are the events of getting the two projects mutually exclusive? Explain using probabilities.   342) Are the events of getting the two projects independent? Explain using probabilities.   343) If the contractor gets project A, what is the probability that he will get project B? 344) If the contractor gets project B, what is.
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    131) The expected value of a discrete random variable can be shown to be the weighted average over all possible outcomes.   132) If the correlation coefficient r = 0, then there is no relationship whatsoever between the two random variables.   133) A perfect straight line sloping upward would produce a correlation coefficient.
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  31) Based on previous stoppage records, the manager figures that the probability that production line 1 is stopped next is 25%. This is an example of: A) subjective probability. B) classical probability. C) relative frequency probability. D) Bayesian probability. 32) Based on his knowledge of the causes of stoppages, the manager states that the probability.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: An investment firm has classified its clients according to their gender and the composition of their investment portfolio (primarily bonds, primarily stocks, or a balanced mix of bonds and stocks). The proportions of clients falling into the various categories are shown in.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: The finishing process on new furniture leaves slight blemishes. The following table displays a manager's probability assessment of the number of blemishes in the finish of new furniture. For each piece of furniture coming off the line it takes 15 minutes to pack.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: Consider the following probability distribution function.   x 0 1 2 3 4 5 6 P(x) 0.07 0.19 0.23 0.17 0.16 0.14 0.04   168) What is P(X > 3)?   169) What is P(2 < X < 5)?   170) What is P(X ≥ 2)?   171) What is P(X < 6)?   172) An auditor reviewing the invoices of a small company finds that there are errors in.
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    31) What is the probability that he will make at least six free throws? A) 0.1468 B) 0.3355 C) 0.7969 D) 0.2936   32) What is the probability that he will make between four and six (inclusive) free throws? A) 0.1468 B) 0.4863 C) 0.4404 D) 0.6291   33) What is the expected number of free throws that he will make? A) 6.4 B).
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: As a purchasing agent, you are responsible for selecting sources of supply for manufactured components to use in your firm's production process. The salesman for a certain supplier has indicated that they can supply an electronic sub-assembly that has a defect rate of.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A recent marketing survey related consumers' awareness of a new marketing campaign with their rating of the product. Consumers rated their awareness as low, medium, or high, and rated the product as poor, fair, or good. The results are presented below.   51) What.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: The manager of a movie rental store was interested in examining the relationship between the weekly take-home pay for a family and the amount that family spends weekly on recreational activities. The following output was generated using Minitab:   Covariances   Take-home pay Amount spent Take-home pay 4413.84   Amount spent 2419.64 1364.29   Let X.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Three airlines serve a small town in Indiana. Airline A has 60% of all the scheduled flights, airline B has 30%, and airline C has the remaining 10%. Their on-time rates are 80%, 60%, and 49% respectively. Define event D as an.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: Let X be a random variable with the following distribution:   x -10 -5 0 5 10 P(x) 0.1 0.3 0.1 0.3 0.2   210) Find the expected value of X.   211) Find the standard deviation of X.   212) What is the probability that X is farther than one standard deviation from the mean?     .
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    41) Consider the following probability distribution. Which of the following is true?   x 0 1 2 3 4 5 6 P(x) 0.07 0.19 0.23 0.17 0.16 0.14 0.04   A) P(X > 3) = 0.51 B) P(2 ≤ X ≤ 5) = 0.33 C) P(X ≥3) = 0.51 D) P(X < 6) =1   42) The number of orders shipped to a supplier that are inaccurate each month is an example of a: A).
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: From past experience, it is known 90% of one-year-old children can distinguish their mother's voice from the voice of a similar sounding female. A random sample of 20 one-year-olds is given this voice recognition test.   213) Find the probability at least 3 children do.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: The following table displays the joint probability distribution of two discrete random variables X and Y.     184) Determine the marginal probability distribution for X.   185) Compute the expected value for X. 186) Compute the standard deviation for X.   187) Determine the marginal probability distribution for Y.   188) Compute.
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    111) The Poisson distribution can be used to approximate the binomial distribution when the number of trials n is large, and the probability P is small. 112) The hypergeometric distribution is used for situations when sample observations are replaced in the population when sampling from a "small population."   113) If the number.
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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING: The joint probability distribution of variables X and Y is shown in the table below, where X is the number of tennis racquets and Y is the number of golf clubs sold daily in a small sports store.   Y/X 1 2 3 1 0.30 0.18 0.12 2 0.15 0.09 0.06 3 0.05 0.03 0.02   242) Calculate E(XY).   243) Determine the marginal.
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    141) Any discrete distribution is applicable when the events of interest occur randomly, independently of one another, and rarely. 142) A Poisson distribution is appropriate to determine the probability of a given number of defective items in a shipment.   143) Given a binomial variable with n = 40 and the probability of.
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    161) Computation of marginal probabilities, means, and variances for jointly distributed random variables cannot be developed using a computer package.   162) A strong linear relationship is defined as a condition where the individual observation points are close to a straight line.   163) Portfolio analysis and construction is conducted using probability distributions. 164) Consider.
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  Chapter 4   Discrete Random Variables and Probability Distributions   1) A variable that can take on a finite and countable number of values is a ________ variable. A) qualitative B) discrete C) continuous D) Poisson   2) Which of the following is true about a probability distribution? A) The sum of all possible outcomes must not equal 1. B) The.
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    121) One of the required properties of a probability distribution function for a discrete random variable X is that .   122) The cumulative distribution function for a random variable X may be expressed as follows: F(x0) = P(X < x0).   123) If two random variables X and Y are statistically independent, then.
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    51) What is the probability that there are exactly four calls during the next ten minutes? A) 0.194 B) 0.172 C) 0.156 D) 0.134   52) It has been estimated that 30% of all farms are family-owned. In a sample of 12 farms, what is the probability that exactly three farms are family owned? A) 0.20 B) 0.30 C).
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