BUAD 310: Quiz 2
First name: …………….…….….
.
Last name:…………….…….….
.
Use the following to answer questions 1 and 2:
A survey taken at several large corporations involved 1000 randomly selected management personnel.
For each person
surveyed, it was determined whether or not they had obtained an MBA degree, and whether they were working in an area that
was their primary choice upon graduating from college.
The results are summarized in the table below:
Area of primary choice
Yes
No
Total
Yes
100
250
350
MBA Degree
No
125
525
650
Total
225
775
1000
1.
If a person in this survey has an MBA, what is the probability that the person is working in an area that was their primary
choice?
(a)
.100
(b)
.286
(c)
.444
(d)
.350
(e)
.575
2.
What percentage of those surveyed do not have an MBA and are working in an area that was their primary choice?
(a)
.125
(b)
.146
(c)
.875
(d)
.750
(e)
.192
Use the following to answer questions 3, 4 and 5:
The personnel manager of a large corporation gives an aptitude test to all newlyhired employees in an attempt to determine
their potential for a management position.
Based on past results, the personnel manager knows that 70% of the new employees
pass (P) the test and the remaining 30% of the new employees fail (F) the test.
Among the new employees who pass the test,
25% will end up in a management position (M) within one year, while the other 75% will never reach a management position.
Among the new employees who fail the test, 10% will end up in a management position within one year, and the remaining 90%
will never reach a management position.
3.
Among all newlyhired employees who take the aptitude test, what percentage will fail the test and reach a management
position within one year?
(a)
40%
(b)
65%
(c)
10%
(d)
31%
(e)
3%
4.
If an employee who has been at the company for more than one year is selected at random and the employee is not in a
management position, what is the probability that the employee passed the aptitude test?
(a)
.525
(b)
.440
(c)
.660
(d)
.943
(e)
.787
5.
What percentage of all employees will end up in a management position within one year?
(a)
35.00%
(b)
20.50%
(c)
2.50%
(d)
38.00%
(e)
17.50%
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View Full DocumentUse the following to answer questions 6 and 7:
The parts manager for a large Jeep dealer starts each month with 4 replacement transfer cases in stock.
Past experience has
indicated that the monthly demand, D, for transfer cases is given by:
(±) ² ³´±
,
(µ) ² ³¶·
,
(´) ² ³´·
,
(¸) ² ³±¹
, and
(¶) ² ³±´
.
6.
What is the expected number of transfer cases that will be left in stock at the end of each month
(a)
0
(b)
2.73
(c)
2.15
(d)
1.27
(e)
2.53
7.
The profit from the sale of a transfer case is $650.
What is the expected profit each month from the sale of transfer cases?
(a)
$825.50
(b)
$2600.00
(c)
$1774.50
(d)
$1202.50
(e)
$955.50
Use the following to answer questions 8 and 9:
A building contractor specializes in building homes for a developer who creates subdivisions with equallysized lots.
The
contractor has determined from past projects the number of hours, X, required for plumbing work is a random variable with
mean 32.8 hours and standard deviation 2.1 hours.
The number of hours, Y, required for concrete work on the driveway of the
homes is a random variable with mean 18.5 hours and standard deviation 1.2 hours.
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 Spring '07
 Lv
 Business, Management, Normal Distribution, Standard Deviation, Integre Technical Publishing Co.

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