HW5S10[1] - AEM 2100 Spring 2010 Homework 5 Name Section...

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AEM 2100 Name: _________________ Spring 2010 Section:_________________ Homework 5 This homework is not to be handed in. The answer key will be posted on the AEM 2100 Web page. 1.) Rog Electronics is a family owned electronics repair business in Kansas City. The owner has read an advertisement from a local competitor that guarantees all high definition television (HDTV) repairs within four days. Based on his company’s past experience, he wants to know if he can offer a similar guarantee. His past service records are used to determine the following probability distribution: Number of Days Probability 1 0.15 2 0.25 3 0.30 4 0.18 5 0.12 a.) Calculate the mean number of days his customers wait for an HDTV repair. b.) Also calculate the variance and standard deviation. c.) Based on the calculations in parts a and b, what conclusion should the manager reach regarding his company’s repair times? 2.) The Bacsik Construction Company is bidding on two contracts, one in New York and one in Boston. The probability is .6 of winning the New York contract and .3 of winning the Boston contract. Suppose the contracts are independent of one another. If Bacsik gets the New York contract, the gain will be $20,000; if they do not get the contract, the loss will be $4,000 in costs for preparing the bids. If
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This note was uploaded on 08/25/2010 for the course AEM 2100 taught by Professor Vanes,c. during the Spring '08 term at Cornell.

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HW5S10[1] - AEM 2100 Spring 2010 Homework 5 Name Section...

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