HW3_SLN - EMIS 7370/5370 & STAT 5340 Homework 3...

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Homework 3 Solution Contract Extensions High Tech Defense Company has been awarded three fixed price contracts with competitive contract extensions in the amount of $50 million, $80 million, and $20 million. The associated probabilities for winning the contract extensions are estimated based on past performance to be ¾, ¼, and ½, respectively. a)Determine and plot the probability mass function and probability distribution function of the contract extension awards amount (in millions of dollars). b) What is the probability of being awarded contract extensions of at least $100 million? c) What is expected amount of contract extension awards (in millions of dollars) and what is the standard deviation?
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Homework 3 Solution Let  C 1 = contract 1 was won C 1 ´  = contract 1 was not won C 2   = contract 2 was won C 2 ´  = contract 2 was not won C 3   = contract 3 was won C 3 ´  = contract 3 was not won
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This note was uploaded on 10/06/2008 for the course EMIS 5370/7370 taught by Professor Dr.stracer during the Spring '08 term at SMU.

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HW3_SLN - EMIS 7370/5370 & STAT 5340 Homework 3...

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